0001519449-26-000039 | 10-Q | XBRL Viewer | Skyward Specialty Insurance Group INC

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Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	385,108	56,155
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	27	2,512

Derivatives - Narrative (Details) $ in Millions	3 Months Ended
Derivatives - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Fair Value Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gain (loss) adjustment expenses	$ (31.3)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements - Narrative (Details) - Fair Value Measured at Net Asset Value Per Share $ in Millions	Mar. 31, 2026 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure	$ 47.2
Unrecorded unconditional purchase obligation	$ 18.3

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Acquisitions - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 01, 2026	Mar. 31, 2026
Business Combination [Line Items]
Estimated Annual Amortization Expense		$ 8,525
Apollo Group Holdings Limited
Business Combination [Line Items]
Total	$ 262,000
Estimated Annual Amortization Expense	7,471
Apollo Group Holdings Limited \| Cover holder relationships
Business Combination [Line Items]
Estimated fair value, finite-lived	$ 25,000
Estimated average useful life (in years)	7 years
Estimated Annual Amortization Expense	$ 3,571
Apollo Group Holdings Limited \| Strategic partner syndicates
Business Combination [Line Items]
Estimated fair value, finite-lived	$ 2,000
Estimated average useful life (in years)	5 years
Estimated Annual Amortization Expense	$ 400
Apollo Group Holdings Limited \| Trade name
Business Combination [Line Items]
Estimated fair value, finite-lived	$ 35,000
Estimated average useful life (in years)	10 years
Estimated Annual Amortization Expense	$ 3,500
Apollo Group Holdings Limited \| Syndicate 1969 capacity - with fees
Business Combination [Line Items]
Estimated fair value, indefinite-lived	90,000
Apollo Group Holdings Limited \| Syndicate 1971 capacity - with fees
Business Combination [Line Items]
Estimated fair value, indefinite-lived	$ 110,000

Commission and Fee Income and Underwriting Fee Income - Schedule of Apollo’s Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Underwriting fee income	$ 10,078	$ 0
Managing agents fees
Disaggregation of Revenue [Line Items]
Underwriting fee income	3,527
Profit commission & consortium overrider charged to Managed Syndicates
Disaggregation of Revenue [Line Items]
Underwriting fee income	$ 6,551

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table sets forth the range of the discount rate as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025
High	11.35	%	11.10	%
Low	4.66	%	4.25	%
Weighted average	6.73	%	6.40	%

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025
High	8.09	%	8.34	%
Low	6.54	%	6.55	%
Weighted average	7.67	%	7.74	%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at March 31, 2026 and December 31, 2025:


March 31, 2026
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	159,548	$	—	$	—	$	159,548
Non U.S government securities	—		2,671		—		2,671
Corporate securities and miscellaneous	—		658,638		141,847		800,485
Municipal securities	—		95,629		—		95,629
Residential mortgage-backed securities	—		471,175		—		471,175
Commercial mortgage-backed securities	—		79,672		—		79,672
Other asset-backed securities	—		568,324		17,603		585,927
Total fixed maturity securities, available-for-sale	159,548		1,876,109		159,450		2,195,107
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		34,290		34,290
Total fixed maturity securities, held-to-maturity	—		—		34,290		34,290
Equity securities:















Preferred stocks	—		1,140		—		1,140





Total equity securities	—		1,140		—		1,140
Mortgage loans	—		—		9,088		9,088
Short-term investments	386,514		—		—		386,514
Derivatives	24,401		—		—		24,401
Total	$	570,463	$	1,877,249	$	202,828	$	2,650,540


December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,468	$	—	$	—	$	44,468
Corporate securities and miscellaneous	—		503,274		133,113		636,387
Municipal securities	—		102,116		—		102,116
Residential mortgage-backed securities	—		486,587		—		486,587
Commercial mortgage-backed securities	—		73,050		—		73,050
Other asset-backed securities	—		495,891		17,804		513,695
Total fixed maturity securities, available-for-sale	44,468		1,660,918		150,917		1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		33,603		33,603
Total fixed maturity securities, held-to-maturity:	—		—		33,603		33,603
Equity securities:















Preferred stocks	—		1,174		—		1,174





Total equity securities	—		1,174		—		1,174
Mortgage loans	—		—		9,902		9,902
Short-term investments	264,299		—		—		264,299
Derivatives	34,857		—		—		34,857
Total	$	343,624	$	1,662,092	$	194,422	$	2,200,138

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the three months ended March 31, 2026 and 2025:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2025	$	150,917	$	9,902
Total losses for the period recognized in net investment gains	(62)		(814)


Purchases	11,266		—
Sales/Disposals	(334)		—
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income	(2,337)		—
Balance at March 31, 2026	$	159,450	$	9,088


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total losses for the period recognized in net investment gains	(110)		(66)
Issuances	—		5
Settlements	—		(10,417)
Purchases	5,164		—
Sales/Disposals	(199)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	682		—
Balance at March 31, 2025	$	83,457	$	16,012
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	(84)

Schedule of Subordinated Debt

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,112	$	57,000	$	57,458
Revolving Credit Facility	114,500		114,500		114,500		114,500
Term Loan Facility, net of debt issuance costs	294,918		294,207		300,000		300,000
Notes payable	$	466,418	$	465,819	$	471,500	$	471,958
Subordinated debt

Unsecured subordinated notes	$	19,577	$	20,395	$	19,569	$	21,020
Subordinated debt, net of debt issuance costs	$	19,577	$	20,395	$	19,569	$	21,020

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Investments - Schedule of Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Fixed maturity securities, available-for-sale:
Amortized Cost	$ 2,208,212	$ 1,848,755
Gross Unrealized Gains	19,503	31,378
Gross Unrealized Losses	(26,108)	(16,830)
Allowance for Credit Losses	(6,500)	(7,000)
Fair Value	2,195,107	1,856,303
Fixed maturity securities, held-to-maturity:
Amortized Cost	30,395	33,290
Gross Unrealized Gains	4,196	829
Gross Unrealized Losses	0	(48)
Allowance for Credit Losses	(301)	(468)	$ (250)	$ (243)
Fair Value	34,290	33,603
U.S. government securities
Fixed maturity securities, available-for-sale:
Amortized Cost	160,144	44,190
Gross Unrealized Gains	178	292
Gross Unrealized Losses	(774)	(14)
Allowance for Credit Losses	0	0
Fair Value	159,548	44,468
Non U.S government securities
Fixed maturity securities, available-for-sale:
Amortized Cost	2,696
Gross Unrealized Gains	0
Gross Unrealized Losses	(25)
Allowance for Credit Losses	0
Fair Value	2,671
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Amortized Cost	807,859	632,244
Gross Unrealized Gains	8,007	14,223
Gross Unrealized Losses	(8,881)	(3,080)
Allowance for Credit Losses	(6,500)	(7,000)
Fair Value	800,485	636,387
Municipal securities
Fixed maturity securities, available-for-sale:
Amortized Cost	96,647	102,691
Gross Unrealized Gains	1,150	1,725
Gross Unrealized Losses	(2,168)	(2,300)
Allowance for Credit Losses	0	0
Fair Value	95,629	102,116
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	475,069	487,145
Gross Unrealized Gains	6,260	8,928
Gross Unrealized Losses	(10,154)	(9,486)
Allowance for Credit Losses	0	0
Fair Value	471,175	486,587
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	79,618	72,631
Gross Unrealized Gains	669	1,016
Gross Unrealized Losses	(615)	(597)
Allowance for Credit Losses	0	0
Fair Value	79,672	73,050
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	586,179	509,854
Gross Unrealized Gains	3,239	5,194
Gross Unrealized Losses	(3,491)	(1,353)
Allowance for Credit Losses	0	0
Fair Value	585,927	513,695
Fixed maturity securities, held-to-maturity:
Amortized Cost	30,395	33,290
Gross Unrealized Gains	4,196	829
Gross Unrealized Losses	0	(48)
Allowance for Credit Losses	(301)	(468)
Fair Value	$ 34,290	$ 33,603

Investments - Schedule of Proceeds from Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for-sale	$ 84,032	$ 8,195
Equity securities	$ 0	$ 8,748

Notes Payable & Subordinated Debt (Details) - USD ($)				3 Months Ended
Notes Payable & Subordinated Debt (Details) - USD ($)	Dec. 30, 2025	Oct. 01, 2025	Aug. 30, 2024	Mar. 31, 2026	Jan. 01, 2026	Dec. 31, 2025	May 31, 2019
Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Low
Debt Instrument [Line Items]
Margin				1.50%
Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR) \| High
Debt Instrument [Line Items]
Margin				1.90%
Term Loan Credit Facility \| Base Rate \| Low
Debt Instrument [Line Items]
Margin				0.50%
Term Loan Credit Facility \| Base Rate \| High
Debt Instrument [Line Items]
Margin				0.90%
Revolving Credit Facility [Member] \| Base Rate \| Low
Debt Instrument [Line Items]
Margin				0.50%
Revolving Credit Facility [Member] \| Base Rate \| High
Debt Instrument [Line Items]
Margin				0.90%
Line of Credit \| Term Loan Credit Facility
Debt Instrument [Line Items]
Debt instrument, variable rate				0.10%
Debt instrument, covenant, limitation on additional indebtedness maximum				$ 10,000,000.0
Debt issuance costs				$ 5,100,000
Line of Credit \| Term Loan Credit Facility \| Low
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.20%
Line of Credit \| Term Loan Credit Facility \| High
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.35%
Line of Credit \| Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin				1.00%
Debt instrument, interest rate floor				0.00%
Line of Credit \| Term Loan Credit Facility \| Base Rate
Debt Instrument [Line Items]
Margin				0.00%
Line of Credit \| Term Loan Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Margin				0.50%
Line of Credit \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Face amount					$ 250,000,000.0	$ 150,000,000.0
Proceeds from long term borrowings	$ 71,500,000	$ 43,000,000.0
Line of Credit \| Revolving Credit Facility [Member] \| Low
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.20%
Line of Credit \| Revolving Credit Facility [Member] \| High
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.35%
Line of Credit \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin				1.00%
Debt instrument, interest rate floor				0.00%
Line of Credit \| Revolving Credit Facility [Member] \| Base Rate
Debt Instrument [Line Items]
Margin				0.00%
Line of Credit \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Margin				0.50%
Line of Credit \| Revolving Credit Facility [Member] \| Credit Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, variable rate				0.10%
FHLB Loan \| Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Debt instrument, term			4 years 6 months
Face amount			$ 57,000,000.0
Stated interest rate			4.00%
Tranche A DDTL \| Unsecured Debt
Debt Instrument [Line Items]
Face amount						150,000,000.0
Proceeds from Loans	150,000,000
Tranche B DDTL \| Unsecured Debt
Debt Instrument [Line Items]
Face amount						150,000,000.0
Proceeds from Loans	$ 150,000,000
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) \| Low
Debt Instrument [Line Items]
Margin				1.50%
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) \| High
Debt Instrument [Line Items]
Margin				1.90%
Subordinate Debt Due 2039 \| Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Debt issuance costs				$ 400,000		$ 400,000
Principal							$ 20,000,000.0
Debt term							8 years
Subordinate Debt Due 2039 \| Subordinated debt, net of debt issuance costs \| Debt Interest Rate, First 8 Years
Debt Instrument [Line Items]
Stated interest rate							7.25%
Debt term							8 years
Subordinate Debt Due 2039 \| Subordinated debt, net of debt issuance costs \| Debt Interest Rate, After Year 8
Debt Instrument [Line Items]
Stated interest rate							8.25%

Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net earned premiums	$ 434,007	$ 300,366
Underwriting fee income	10,078	0
Commission and fee income	1,527	1,976
Total underwriting revenues	445,612	302,342
Losses and LAE	265,223	187,309
Amortization of policy acquisition costs	59,616	44,490
Other operating and general expenses	60,089	38,148
Corporate expenses		3,913
Fee‑based service expenses	4,170	0
Total underwriting expenses	394,007	273,860
Underwriting income	51,605	28,482
Net investment income	27,055	19,422
Net investment gains	3,185	6,750
Other income	15	13
Interest expense	7,719	1,834
Amortization expense	8,843	337
Other expenses	3,222	1,061
Income before income taxes	62,076	51,435
Income tax expense	12,345	9,377
Net income	49,731	42,058
Corporate expenses
Segment Reporting Information [Line Items]
Corporate expenses	4,909	3,913
Skyward Specialty Segment
Segment Reporting Information [Line Items]
Net earned premiums		300,366
Underwriting fee income		0
Commission and fee income		1,976
Total underwriting revenues		302,342
Skyward Specialty Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net earned premiums	363,943
Underwriting fee income	0
Commission and fee income	1,527
Total underwriting revenues	365,470
Losses and LAE	228,231	187,309
Amortization of policy acquisition costs	51,059	44,490
Other operating and general expenses	45,904	38,148
Corporate expenses	0	0
Fee‑based service expenses	0	0
Total underwriting expenses	325,194	269,947
Underwriting income	40,276	$ 32,395
Apollo Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net earned premiums	70,064
Underwriting fee income	10,078
Commission and fee income	0
Total underwriting revenues	80,142
Losses and LAE	36,992
Amortization of policy acquisition costs	8,557
Other operating and general expenses	14,185
Corporate expenses	0
Fee‑based service expenses	4,170
Total underwriting expenses	63,904
Underwriting income	$ 16,238

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is named as a party in various legal actions arising from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the losses and loss adjustment expense reserves. Also, from time to time, the Company is a defendant in various legal actions that relate to bad faith claims, disputes with third parties or that involve alleged errors and omissions. The Company records accruals for these items to the extent the losses are probable and reasonably estimable. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from outside legal counsel, the Company believes the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Indemnification In conjunction with the sale of business assets and subsidiaries, the Company has provided indemnifications to certain buyers. Certain indemnifications cover typical representations and warranties related to the responsibilities to perform under the sales contracts. The amount of potential exposure covered by the indemnifications is difficult to determine because the indemnifications cover a variety of matters, operations and scenarios. Certain of these indemnifications have no time limit. At this time, the Company does not have reason to believe any such significant claims exist.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash flows from operating activities:

Net income

$ 49,731

$ 42,058

Adjustments to reconcile net income to net cash provided by operating activities

66,806

54,702

Net cash provided by operating activities

116,537

96,760

Cash flows from investing activities:

Net cash paid in acquisition

(303,035)

Purchase of fixed maturity securities, available-for-sale

(269,921)

(126,827)

Purchase of equity securities

(8,422)

Purchase of equity method investments and other long-term investments

(283)

(200)

Investment in direct and indirect loans

442

13,829

Proceeds from the sales of (payments for the purchase of) property and equipment

1,654

Proceeds from the sales of (payments for the purchase of) property and equipment

(202)

Proceeds from the sales of fixed maturity securities, available-for-sale

84,032

8,195

Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale

50,210

29,537

Maturities, calls and paydowns of fixed maturity securities held-to-maturity

1,536

2,129

Proceeds from the sales of equity securities

8,748

Sales of and distributions from equity method and other long-term investments

13,628

4,396

Change in short-term investments

64,961

(33,162)

Change in receivable/payable for securities

(9,525)

Cash provided by deposit accounting

4,457

1,200

Net cash used in investment activities

(361,844)

(100,779)

Cash flows from financing activities:

Proceeds from issuance of common stock

200

Proceeds from long term borrowings

371,089

Treasury stock acquired

(8,665)

Net cash provided by financing activities

362,624

Net increase in cash and cash equivalents and restricted cash

117,317

(4,019)

Cash and cash equivalents and restricted cash at beginning of period

^[1]

199,114

157,525

Cash and cash equivalents and restricted cash at end of period

^[1]

316,431

153,506

Supplemental disclosure of cash flow information:

Cash paid for interest

$ 6,246

$ 1,805

[1]	(1) The sum of cash and cash equivalents and restricted cash from the consolidated balance sheets

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Written
Direct premiums	$ 507,134	$ 408,310
Assumed premiums	160,570	127,016
Ceded premiums	(234,821)	(192,055)
Net premiums	432,883	343,271
Earned
Direct premiums	515,489	385,438
Assumed premiums	149,556	78,727
Ceded premiums	(231,038)	(163,799)
Net premiums	434,007	300,366
Ceded losses and LAE incurred	$ 152,573	$ 135,467

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived
Accumulated amortization			$ (20,320)	$ (19,012)
Amortization	$ (2,132)	$ (259)
Total
Gross, beginning balance			42,626	40,626
Accumulated amortization			(20,320)	(19,012)
Additions	262,000
Amortization	(2,132)	(259)
Gross intangible assets, ending balance	282,174	21,355
Syndicate Capacity
Indefinite-Lived
Beginning balance	0
Additions	200,000
Ending balance	200,000
Licenses
Indefinite-Lived
Beginning balance	14,019	14,019
Additions	0
Ending balance	14,019	14,019
Agent Relationships
Finite-Lived
Gross, beginning balance	26,491	24,491
Accumulated amortization			(19,203)	(17,895)
Additions	27,000
Amortization	(1,257)	(259)
Net, ending balance	33,031	6,337
Total
Accumulated amortization			(19,203)	(17,895)
Amortization	(1,257)	(259)
Non-competes
Finite-Lived
Gross, beginning balance	1,117	1,117
Accumulated amortization			(1,117)	(1,117)
Additions	0
Amortization	0	0
Net, ending balance	0	0
Total
Accumulated amortization			(1,117)	(1,117)
Amortization	0	0
Trademarks
Finite-Lived
Gross, beginning balance	999	999
Accumulated amortization			0	0
Additions	35,000
Amortization	(875)	0
Net, ending balance	35,124	999
Total
Accumulated amortization			$ 0	$ 0
Amortization	$ (875)	$ 0

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income	$ 49,731	$ 42,058
Denominator
Basic weighted-average common shares (in shares)	44,463,167	40,196,416
Diluted weighted-average common share equivalents (in shares)	45,443,960	41,680,595
Basic earnings per share (in dollar per share)	$ 1.12	$ 1.05
Diluted earnings per share (in dollar per share)	$ 1.09	$ 1.01
Stock units
Denominator
Diluted effect of awards (in shares)	508,468	1,004,585
Options
Denominator
Diluted effect of awards (in shares)	472,325	479,594

Fair Value Measurements - Schedule of Subordinated Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
FHLB Loan \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 57,000	$ 57,000
FHLB Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt	57,112	57,458
Revolving Credit Facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	114,500	114,500
Revolving Credit Facility \| Fair Value
Debt Instrument [Line Items]
Long-term debt	114,500	114,500
Term Loan Facility, net of debt issuance costs \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	294,918	300,000
Term Loan Facility, net of debt issuance costs \| Fair Value
Debt Instrument [Line Items]
Long-term debt	294,207	300,000
Notes payable \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	466,418	471,500
Notes payable \| Fair Value
Debt Instrument [Line Items]
Long-term debt	465,819	471,958
Unsecured subordinated notes \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,577	19,569
Unsecured subordinated notes \| Fair Value
Debt Instrument [Line Items]
Long-term debt	20,395	21,020
Subordinated debt, net of debt issuance costs \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,577	19,569
Subordinated debt, net of debt issuance costs \| Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 20,395	$ 21,020

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2025 was derived from the Company’s audited annual consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Updates to Significant Accounting Policies The following accounting policies have been updated following the Apollo Group Holdings Limited (“Apollo”) acquisition on January 1, 2026. Description of Business Skyward Specialty Insurance Group, Inc. (the “Company”), an insurance holding company, is a Delaware corporation that was organized in 2006. It is a specialty insurance company operating in two segments delivering commercial property and casualty products insurance coverages. The Company has four wholly owned insurance company subsidiaries based in the United States: •Great Midwest Insurance Company (“GMIC”) underwrites insurance on an admitted basis and is a certified surety bond company listed with the U.S. Department of the Treasury. •Houston Specialty Insurance Company (“HSIC”), a subsidiary of GMIC, underwrites insurance on a non-admitted basis. •Imperium Insurance Company (“IIC”), a subsidiary of HSIC, underwrites insurance on an admitted basis. •Oklahoma Specialty Insurance Company (“OSIC”), a subsidiary of IIC, underwrites insurance on a non-admitted basis. The Company has a wholly owned captive reinsurance company subsidiary, Skyward Re, that is domiciled in the Cayman Islands and assumed net reserves for certain divisions, related to a retroactive reinsurance contract, from the Company’s insurance companies and retroceded the net reserves to a third-party reinsurer. The Company has three non-risk bearing wholly owned subsidiaries, (i) Skyward Underwriters Agency, Inc. (“SUA”),a managing general insurance agent and reinsurance broker for property and casualty risks in specialty niche markets, (ii) Skyward Service Company an entity which provides various administrative services to the Company’s subsidiaries, and (iii) Skyward Specialty No. 1 Limited, a Lloyd’s corporate member authorized to invest in Lloyd’s syndicates. On January 1, 2026, the Company completed its acquisition of Apollo Group Holdings Limited (“Apollo”), a Lloyd’s of London (“Lloyd’s”) specialist insurance and reinsurance group. Apollo includes a Lloyd’s of London Managing Agency, Apollo Syndicate Management Limited (“ASML”), which provides managing agency services to nine Lloyd’s syndicates. Syndicate 1969, underwrites a diversified specialty portfolio, Syndicate 1971 focuses on digital‑economy and technology‑enabled risks, and Syndicate 1972 provides reinsurance for Apollo managed syndicates and provides a quota share facility for Syndicates 1969 and 1971. Apollo participates in its wholly managed syndicates through its corporate member company, Apollo No. 16 Limited (“Apollo No. 16”) which has a quota share agreement in place with Apollo Bermuda Limited. Commission and Fee Income and Underwriting Fee Income Managing Agency Fees and Profit Commission ASML earns a fee for providing managing agency services (such as underwriting oversight, operational administration and regulatory compliance) to the syndicates it manages. These managing agency fees are based on each syndicate’s annual capacity and are recognized over the period of services provided. ASML may also earn profit commission under contractual arrangements with the capital providers to each syndicate. Profit commission is contingent on syndicate profitability and is accrued in accordance with the contractual terms and the subsequent development of underwriting results at the balance sheet date. Amounts are generally not payable until the underlying underwriting results have substantially matured (typically around 36 months after inception), unless interim profit distributions permit earlier payments on account. Intra‑group managing agency fees and profit commission are eliminated on consolidation. Other Revenue From Management Services Apollo also earns other services revenue for other administrative and operational services performed for the syndicates it manages, including those supported primarily by third‑party capital providers. Such revenue is measured at the fair value of consideration received or receivable and includes service fees and consortium income. Consortium income represents fees charged to consortia members for whom ASML acts as consortium leader and is recognized at the point in time premiums are written; amounts related to underwriting services provided over multi‑year periods are deferred accordingly. Foreign Currency The Company transacts business in numerous currencies through business units located around the world. The functional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes. The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income and accumulated as a separate component of accumulated other comprehensive income in stockholder’s equity. Reclassifications During the current period, the Company reclassified amounts previously included in “Other assets” to separate line items on the balance sheet for “Funds at Lloyd’s” and “Options, at fair value” to better reflect the nature of these balances. Prior period amounts have been reclassified to conform to the current presentation.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41591
Entity Registrant Name	SKYWARD SPECIALTY INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1957288
Entity Address, Address Line One	800 Gessner Road
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-4284
City Area Code	713
Local Phone Number	935-4800
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	SKWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,543,065
Entity Central Index Key	0001519449
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 72,101	$ 77,365
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	13,823	15,418
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	7,875	8,449
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 21,698	$ 23,867

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity Method Investments and Other - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 27,055	$ 19,422
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(1,297)	(1,988)
RISCOM \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	719	(128)
Dowling Capital Partners LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	175	13
Hudson Ventures Fund II LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(106)	(25)
Brewer Lane Ventures Fund II LP \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(12)	170
JVM Funds LLC \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(431)	(211)
Arena SOP LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	0	(1,256)
Arena Special Opportunities Fund, LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	$ (1,642)	$ (551)

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Insurance [Abstract]
Market value of trust funds	$ 250.7
Deposit contracts, assets	$ 18.2	$ 22.7

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, gross balance		$ 112,441		$ 112,441
Accumulated impairment		(46,707)		(46,707)
Additions	$ 125,408
Goodwill, net balance	191,142		$ 65,734
Accident and Health
Goodwill [Roll Forward]
Goodwill, gross balance		91,577		91,577
Accumulated impairment		(44,821)		(44,821)
Additions	0
Goodwill, net balance	46,756		46,756
Credit & Surety
Goodwill [Roll Forward]
Goodwill, gross balance		6,781		6,781
Accumulated impairment		0		0
Additions	0
Goodwill, net balance	6,781		6,781
Energy Solutions
Goodwill [Roll Forward]
Goodwill, gross balance		10,204		10,204
Accumulated impairment		0		0
Additions	0
Goodwill, net balance	10,204		10,204
Apollo
Goodwill [Roll Forward]
Goodwill, gross balance		0
Accumulated impairment		0
Additions	125,408
Goodwill, net balance	125,408
Other
Goodwill [Roll Forward]
Goodwill, gross balance		3,879		3,879
Accumulated impairment		$ (1,886)		$ (1,886)
Additions	0
Goodwill, net balance	$ 1,993		$ 1,993

Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table sets forth the carrying value of the Company’s mortgage loans as of March 31, 2026 and 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Commercial	$	2,468	$	3,334

Hospitality	6,620		6,568



	$	9,088	$	9,902

Schedule of Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Fixed maturity securities, available-for-sale	$	84,032	$	8,195
Equity securities	—		8,748

The following table sets forth the components of net investment income for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Income (loss):
Fixed maturity securities, available-for-sale	$	29,411	$	17,288
Fixed maturity securities, held-to-maturity	(1,077)		822
Equity securities	18		617
Equity method investments	(1,297)		(1,988)
Mortgage loans	(665)		661
Indirect loans	(1,793)		(741)
Short-term investments and cash	3,474		3,192
Other	686		1,061
Total investment income	28,757		20,912
Investment expenses	(1,702)		(1,490)
Net investment income	$	27,055	$	19,422

The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Commercial		$	(824)	$	108
Retail		—		304
Hospitality		159		249




		$	(665)	$	661

Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the notional amounts and fair value of derivative assets in the condensed consolidated balance sheets at March 31, 2026:



($ in thousands)	Derivative Assets
	Notional Amount		Fair Value
Economic hedges	$	188,191	$	24,401

Income Taxes - Narrative (Details) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) Rate
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense at federal statutory rate	21.00%
Stock based compensation percent	3.10%
Cash paid for income taxes \| $	$ 2,900
BERMUDA
Effective Income Tax Rate Reconciliation [Line Items]
Foreign operations taxed at statutory tax rates	15.00%
UK
Effective Income Tax Rate Reconciliation [Line Items]
Foreign operations taxed at statutory tax rates	25.00%

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table sets forth the Company’s income tax expense and effective tax rates for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026			2025
Income tax expense		$	12,345		$	9,377
Effective tax rate		19.9		%	18.2		%

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 6,394
2027	8,525
2028	8,525
2029	8,233
2030	$ 8,025

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 01, 2026	Mar. 31, 2026	Mar. 31, 2025
Business Combination [Line Items]
Underwriting, acquisition and insurance expenses		$ 124,614	$ 86,551
Amortization expense		8,843	$ 337
Apollo Group Holdings Limited
Business Combination [Line Items]
Business combination, voting equity interest acquired, percentage	100.00%
Business combination, consideration transferred	$ 559,140
Issuance of shares (in shares)	3,679,332
Shares issued, price per share (in dollar per share)	$ 51.11
Cash consideration	$ 371,089
Underwriting, acquisition and insurance expenses		7,300
Amortization expense		6,700
Total Revenue		80,100
Net Income		$ 22,200

Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Mar. 31, 2026	Dec. 31, 2025
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	11.35%	11.10%
Loans receivable	8.09%	8.34%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	4.66%	4.25%
Loans receivable	6.54%	6.55%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	6.73%	6.40%
Loans receivable	7.67%	7.74%

Derivatives

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company uses derivatives as part of its financial risk management programs to mitigate price risk related to certain insurance contracts exposed to commodity price risk due to fluctuations in relevant market prices, including cattle and milk. To mitigate revenue volatility and support financial stability, the Company employs a hedging strategy that utilizes derivatives, specifically put options, as part of its risk management framework. The primary objective of holding these derivative instruments is to manage exposure to adverse price movements. The activity in these instruments generally reflects current market conditions and shifts in risk exposures throughout the year. The notional value of derivative contracts held and the degree of hedged exposure are actively managed and may vary depending on the prevailing pricing environment in cattle, hogs, and milk markets. The Company does not use derivatives for speculative or trading purposes. All derivative positions are intended to support the overall risk transfer objectives of the business. The Company has not elected hedge accounting for these derivatives.

The following table presents the notional amounts and fair value of derivative assets in the condensed consolidated balance sheets at March 31, 2026:



($ in thousands)	Derivative Assets
	Notional Amount		Fair Value
Economic hedges	$	188,191	$	24,401

The Company presents the net gain (loss) recognized on derivative instruments in economic hedging relationships in “losses and loss adjustment expenses” on the condensed consolidated statements of operations. For the three months ended March 31, 2026, the Company recognized $31.3 million, respectively, of pre-tax net losses in losses and loss adjustment expenses.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Mortgage Loans - Schedule of Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 9,088		$ 9,902
Total investment income	28,757	$ 20,912
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	(665)	661
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	2,468		3,334
Total investment income	(824)	108
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	304
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,620		$ 6,568
Total investment income	$ 159	$ 249

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Investment Income [Line Items]
Total investment income	$ 28,757	$ 20,912
Investment expenses	(1,702)	(1,490)
Net investment income	27,055	19,422
Fixed maturity securities, available-for-sale
Net Investment Income [Line Items]
Total investment income	29,411	17,288
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	(1,077)	822
Equity securities
Net Investment Income [Line Items]
Total investment income	18	617
Equity method investments
Net Investment Income [Line Items]
Total investment income	(1,297)	(1,988)
Mortgage loans
Net Investment Income [Line Items]
Total investment income	(665)	661
Indirect loans
Net Investment Income [Line Items]
Total investment income	(1,793)	(741)
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	3,474	3,192
Other
Net Investment Income [Line Items]
Total investment income	$ 686	$ 1,061

Acquisitions - Schedule of Fair Value of Consideration Transferred (Details) - Apollo Group Holdings Limited $ / shares in Units, $ in Thousands	Jan. 01, 2026 USD ($) $ / shares shares
Business Combination [Line Items]
Skyward Specialty Insurance Group, Inc. common stock issued to existing Apollo common stockholders (in shares) \| shares	3,679,332
Skyward Specialty Insurance Group, Inc. closing stock price on December 31, 2025 (in shares) \| $ / shares	$ 51.11
Consideration of Skyward Specialty Insurance Group, Inc. issued common stock	$ 188,051
Cash consideration	371,089
Total consideration	$ 559,140

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 12,345	$ 9,377
Effective tax rate	19.90%	18.20%

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

Net earned premium and gross commission expense related to these agreements for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
($ in thousands)		2026		2025
Net earned premium		$	30,924	$	28,960
Commissions		8,188		7,632

Segments - Schedule of Premiums Written (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 667,704	$ 535,326
Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	581,804	535,326
Apollo Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	85,900	0
Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	580,891	532,921
Corporate Nonsegment \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	913	2,405
Accident & Health \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	92,009	63,169
Captives \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	57,914	66,929
Credit & Surety \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	64,174	45,028
Energy Solutions \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	48,866	75,594
Global Agriculture \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	102,352	80,617
Global Property \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	34,517	46,686
Professional Lines \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	36,228	40,217
Specialty Programs \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	94,767	62,675
Transactional E&S \| Operating Segments \| Skyward Specialty Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	50,064	52,006
Syndicate 1969 \| Apollo Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	65,008	0
Syndicate 1971 \| Apollo Segment
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 20,892	$ 0

Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in less than one year	$ 56,515
Due after one year through five years	636,682
Due after five years through ten years	304,483
Due after ten years	69,666
Total	2,208,212	$ 1,848,755
Fair Value
Due in less than one year	54,611
Due after one year through five years	630,559
Due after five years through ten years	305,672
Due after ten years	67,491
Total	2,195,107	1,856,303
Mortgage-backed securities
Amortized Cost
Without single maturity date	554,687
Fair Value
Without single maturity date	550,847
Other asset-backed securities
Amortized Cost
Without single maturity date	586,179
Total	586,179	509,854
Fair Value
Without single maturity date	585,927
Total	$ 585,927	$ 513,695

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) lot security
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 77.5
Number of securities \| lot	1,057
Number of securities, allowance for credit loss \| security	2
Residential mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 63.2
Cash and Cash Equivalents and Other Assets
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	12.1
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	2.2
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 71.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

On January 1, 2026 (the “Acquisition Date”), the Company completed the acquisition of Apollo Group Holdings Limited (“Apollo”) pursuant to the Apollo share purchase agreements and acquired 100% of the issued and outstanding share capital of Apollo. Apollo is a U.K.-based specialty underwriting platform operating at Lloyd’s of London. Apollo underwrites a multi-class specialty insurance portfolio and offers products across Property, Casualty, Marine, Energy & Transportation, Specialty and Reinsurance, as well as digital and embedded risk programs. The Company acquired Apollo

to broaden its specialty insurance platform, expand into additional specialty niches, enhance its innovation and technology capabilities, and strengthen its market position.

The fair value of the consideration transferred, or the purchase price, is approximately $559.1 million. This amount is based on (i) the issuance of 3,679,332 shares of common stock of the Company, using the closing price of Skyward common stock of $51.11 per share on December 31, 2025, the last trading day prior to the Acquisition Date, and (ii) $371.1 million in cash (the “Cash Consideration”). The table below presents the components of the fair value of consideration transferred:


($ in thousands, except for share and per share amounts)
Share consideration
Skyward Specialty Insurance Group, Inc. common stock issued to existing Apollo common stockholders	3,679,332
Skyward Specialty Insurance Group, Inc. closing stock price on December 31, 2025	$	51.11
Consideration of Skyward Specialty Insurance Group, Inc. issued common stock	$	188,051
Cash consideration	371,089
Total consideration	$	559,140

The Company accounted for the transaction as a business combination under ASC 805, Business Combinations (“ASC 805”). The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the Acquisition Date. The Company is considered the accounting acquirer in the transaction.

The following table summarizes the preliminary purchase price allocation as of the Acquisition Date:


($ in thousands)	January 1, 2026
Assets acquired, excluding goodwill
Fixed maturity securities, available-for-sale, at fair value	$	222,460
Short-term investments, at fair value	187,178
Cash and cash equivalents	68,054
Funds at Lloyd's	106,336
Premiums receivable, net	272,803
Reinsurance recoverables, net	165,540
Ceded unearned premium	69,097
Deferred policy acquisition costs and VOBA	56,128
Deferred income taxes	13,966
Intangible assets, excluding goodwill, net	262,000
Other assets	25,830
Total assets acquired, excluding goodwill	1,449,392
Liabilities assumed
Reserves for losses and loss adjustment expenses	477,596
Unearned premiums	233,501
Reinsurance and premium payables	144,536
Funds held for others	18,684
Accounts payable and accrued liabilities	71,506
Deferred income taxes	69,837
Total liabilities assumed	1,015,660
Fair value of net assets acquired, excluding goodwill	433,732
Total consideration	$	559,140
Preliminary allocation to goodwill	$	125,408

The Apollo acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The purchase price was allocated to assets acquired and liabilities assumed based on the estimated fair values at the Acquisition Date. Goodwill recognized in the transaction represents the excess of consideration transferred over the fair value of identifiable net assets acquired and will not be deductible for tax purposes and is fully allocated to the U.K. segment. Goodwill primarily represents the expected future economic benefits arising from the acquisition, including anticipated synergies from the integration of operations, Apollo’s established specialty underwriting platform, and access to its distribution network and Lloyd’s market presence.

The identifiable intangible assets primarily relate to syndicate capacity, cover holder relationships, strategic partner syndicates and trade names. The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows:


($ in thousands)	Estimated fair value		Estimated average useful life (in years)	Estimated Annual Amortization Expense
Syndicate 1969 capacity - with fees	$	90,000	Indefinite	N/A, indefinite lived asset
Syndicate 1971 capacity - with fees	110,000		Indefinite	N/A, indefinite lived asset
Cover holder relationships	25,000		7	$	3,571
Strategic partner syndicates	2,000		5	400
Trade name	35,000		10	3,500
Total	$	262,000		$	7,471

The Company also recognized value of business acquired (“VOBA”), which represents the estimated fair value of the deferred acquisition costs of acquired in‑force insurance contracts. VOBA is amortized over one year, reflecting the expected runoff of the acquired in‑force contracts. VOBA is aggregated with deferred policy acquisition costs and included within deferred policy acquisition costs and VOBA on the consolidated balance sheets. For the three months ended March 31, 2026 the Company recognized $7.3 million and $6.7 million in underwriting, acquisition and insurance expenses and amortization expense, respectively, on the consolidated statements of operations related to the amortization of VOBA .

Estimated fair values of assets acquired and liabilities assumed from Apollo are subject to change as additional information is obtained, and will be updated and finalized within the measurement period that will not extend beyond 12 months from the Acquisition Date. Any measurement period adjustments will be recorded in the period in which the adjustments are identified, as if they had been recognized as of the acquisition date.

The results of operations for Apollo of $80.1 million of revenue and $22.2 million of net income from the date of the acquisition to the period ended March 31, 2026, have been included within the accompanying consolidated statements of operations and comprehensive loss. All transaction expenses incurred by the Company were expensed as incurred and reflected in the Company’s results of operations for the period ended December 31, 2025 in accordance with ASC 805. No material transaction expenses were incurred for the period ended March 31, 2026. The Company has not presented the unaudited supplemental pro forma financial information required by ASC 805-10-50-2(h) as it is impractical to do so, as Apollo did not historically prepare quarterly financial statements and its historical financial information was prepared under U.K. GAAP rather than U.S. GAAP.

- Definition

The entire disclosure for business combination.

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+ Details

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Consideration Transferred

The table below presents the components of the fair value of consideration transferred:


($ in thousands, except for share and per share amounts)
Share consideration
Skyward Specialty Insurance Group, Inc. common stock issued to existing Apollo common stockholders	3,679,332
Skyward Specialty Insurance Group, Inc. closing stock price on December 31, 2025	$	51.11
Consideration of Skyward Specialty Insurance Group, Inc. issued common stock	$	188,051
Cash consideration	371,089
Total consideration	$	559,140

Schedule of Preliminary Purchase Price Allocation

The following table summarizes the preliminary purchase price allocation as of the Acquisition Date:


($ in thousands)	January 1, 2026
Assets acquired, excluding goodwill
Fixed maturity securities, available-for-sale, at fair value	$	222,460
Short-term investments, at fair value	187,178
Cash and cash equivalents	68,054
Funds at Lloyd's	106,336
Premiums receivable, net	272,803
Reinsurance recoverables, net	165,540
Ceded unearned premium	69,097
Deferred policy acquisition costs and VOBA	56,128
Deferred income taxes	13,966
Intangible assets, excluding goodwill, net	262,000
Other assets	25,830
Total assets acquired, excluding goodwill	1,449,392
Liabilities assumed
Reserves for losses and loss adjustment expenses	477,596
Unearned premiums	233,501
Reinsurance and premium payables	144,536
Funds held for others	18,684
Accounts payable and accrued liabilities	71,506
Deferred income taxes	69,837
Total liabilities assumed	1,015,660
Fair value of net assets acquired, excluding goodwill	433,732
Total consideration	$	559,140
Preliminary allocation to goodwill	$	125,408

Schedule of Identifiable Intangible Assets


($ in thousands)	Estimated fair value		Estimated average useful life (in years)	Estimated Annual Amortization Expense
Syndicate 1969 capacity - with fees	$	90,000	Indefinite	N/A, indefinite lived asset
Syndicate 1971 capacity - with fees	110,000		Indefinite	N/A, indefinite lived asset
Cover holder relationships	25,000		7	$	3,571
Strategic partner syndicates	2,000		5	400
Trade name	35,000		10	3,500
Total	$	262,000		$	7,471

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated average useful life (in years)	9 years
Amortization of intangible assets	$ 2,132	$ 259

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net earnings per share for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands, except for share and per share amounts)		2026		2025
Numerator
Net income		$	49,731	$	42,058




Denominator
Basic weighted-average common shares		44,463,167		40,196,416



Dilutive effect of stock units		508,468		1,004,585
Dilutive effect of options		472,325		479,594
Diluted weighted-average common share equivalents		45,443,960		41,680,595
Basic earnings per share		$	1.12	$	1.05
Diluted earnings per share		$	1.09	$	1.01

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026	2025


Stock units		385,108	56,155
Options		27	2,512

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

The Company has two reportable segments, the Skyward Specialty segment and the Apollo segment, through which it offers a broad array of commercial property and casualty products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions and allocate resources. The Company’s CODM is the chief executive officer. The accounting policies of the segments are the same as those used for the preparation of the Company’s consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results.

The Skyward Specialty segment is made up of nine distinct underwriting divisions, or “continuing business,” and has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. The Apollo segment consists of the operations of Apollo, a Lloyd’s‑based specialty insurance platform acquired by the Company on January 1, 2026, structured around two core divisions that collectively support its underwriting, specialty‑risk, and managing‑agency activities. Apollo operates within the Lloyd’s of London market, leveraging Lloyd’s global licensing, centralized underwriting infrastructure, and long‑standing distribution networks to access niche and emerging specialty classes across international markets.

The accounting policies of the segments are the same as those described in Note 1 “Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The CODM assesses performance for the segments and allocates resources based primarily on gross written premiums, managed premiums and underwriting contribution. The Company does not manage assets by segment, with the exception of goodwill and intangible assets. Investment results, interest expense, amortization expense, corporate expenses and other income and expenses are not allocated to the underwriting segments.

Gross written premiums by underwriting division, managed premiums and underwriting contribution are used to monitor budget versus actual results. The CODM also uses underwriting contribution in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segments and in establishing management’s compensation.

The following table presents gross written premiums by underwriting division for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Skyward Specialty Segment
Accident & Health		$	92,009	$	63,169
Captives		57,914		66,929
Credit & Surety		64,174		45,028
Energy Solutions		48,866		75,594
Global Agriculture		102,352		80,617
Global Property		34,517		46,686
Professional Lines		36,228		40,217
Specialty Programs		94,767		62,675
Transactional E&S		50,064		52,006
Total continuing business		580,891		532,921
Exited business		913		2,405
Total Skyward Specialty Segment gross written premiums		581,804		535,326
Apollo Segment
Syndicate 1969		65,008		—
Syndicate 1971		20,892		—
Total Apollo Segment gross written premiums		85,900		—
Total gross written premiums		$	667,704	$	535,326

The following table sets forth the Apollo segment’s managed premiums for the three months ended March 31, 2026:


	Three months ended March 31,
	2026


Aligned Syndicates	210,549
Partner Syndicates	89,456
Total managed premiums	$	300,005

The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the three months ended March 31, 2026 and 2025:


Three months ended March 31,	2026						2025
($ in thousands)	Skyward Specialty		Apollo		Total		Skyward Specialty		Total
Underwriting income
Revenues:
Net earned premiums	$	363,943	$	70,064	$	434,007	$	300,366	$	300,366
Underwriting fee income	—		10,078		10,078		—		—
Commission and fee income	1,527		—		1,527		1,976		1,976
Total underwriting revenues	365,470		80,142		445,612		302,342		302,342
Expenses:
Losses and LAE	228,231		36,992		265,223		187,309		187,309
Amortization of policy acquisition costs	51,059		8,557		59,616		44,490		44,490
Other operating and general expenses	45,904		14,185		60,089		38,148		38,148
Corporate expenses	—		—		4,909		—		3,913
Fee‑based service expenses	—		4,170		4,170		—		—
Total underwriting expenses	325,194		63,904		394,007		269,947		273,860
Underwriting income	$	40,276	$	16,238	$	51,605	$	32,395	$	28,482

Reconciliation of underwriting income to net income:
Underwriting income					$	51,605			$	28,482
Add:
Net investment income					27,055				19,422
Net investment gains					3,185				6,750
Other income					15				13
Less:
Interest expense					7,719				1,834
Amortization expense					8,843				337
Other expenses					3,222				1,061
Income before income taxes					62,076				51,435
Income tax expense					12,345				9,377
Net income					$	49,731			$	42,058

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Variable Interest Entity (Tables)

3 Months Ended

Mar. 31, 2026

Variable Interest Entity [Abstract]

Schedule of Assets And Liabilities

The following table presents the assets of HSIC-01, included in the condensed consolidated balance sheet as of March 31, 2026. The assets presented below only include third-party net assets and exclude any intercompany balances, which were eliminated upon consolidation.


($ in thousands)	March 31, 2026
Assets
Cash and cash equivalents	20,196




Options, at fair value	24,401
Total assets	$	44,597

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Commission and Fee Income and Underwriting Fee Income - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	$ 3,329	$ 3,024
Commission and fee expenses	(1,802)	(1,048)
Net commission and fee income	1,527	1,976
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	2,281	1,837
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	455	1,177
Other
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	$ 593	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Investments - Schedule of Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Gross realized gains
Fixed maturity securities, available-for-sale	$ 1,632	$ 453
Equity securities	0	1,745
Other	175	4
Total	1,807	2,202
Gross realized losses
Fixed maturity securities, available-for-sale	(258)	(120)
Equity securities	0	(678)
Other	(139)	(61)
Total	(397)	(859)
Net unrealized gains (losses) on investments
Equity securities	(33)	1,080
Mortgage loans	99	(66)
Other	1,709	4,393
Net investment gains	$ 3,185	$ 6,750

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ (21,154)	$ 15,284
Deferred income taxes	3,571	(3,211)
Total other comprehensive (loss) income	$ (17,583)	$ 12,073

Equity Method Investments and Other - Schedule of Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 72,101	$ 77,365
Equity method investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	50,403	53,498
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 24,011	$ 26,936
Ownership %	13.40%	14.00%
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 14,155	$ 14,911
Ownership %	10.10%	10.10%
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 5,397	$ 5,503
Ownership %	2.50%	2.50%
RISCOM
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 4,026	$ 3,307
Ownership %	20.00%	20.00%
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 2,522	$ 2,251
Ownership %	2.30%	2.40%
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 292	$ 590
Ownership %	5.00%	5.00%
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 0	$ 0
Ownership %	11.30%	11.20%

Mortgage Loans

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Mortgage Loans

The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of March 31, 2026 and December 31, 2025, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2.

The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate and mature in approximately 2 to 4 years from loan origination. The principal amounts of the loans are approximately 64% of the property’s appraised value at the time the loans were made.

The following table sets forth the carrying value of the Company’s mortgage loans as of March 31, 2026 and 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Commercial	$	2,468	$	3,334

Hospitality	6,620		6,568



	$	9,088	$	9,902

The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Commercial		$	(824)	$	108
Retail		—		304
Hospitality		159		249




		$	(665)	$	661

The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and as of December 31, 2025, $2.5 million mortgage loans were in the process of foreclosure and there was 1 mortgage loan that was not producing income for the previous 12 months.

Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)	2026		2025
Reserves for losses and LAE, beginning of period	$	2,796,491	$	1,782,383
Less: reinsurance recoverable on unpaid claims, beginning of period	(1,067,551)		(670,846)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,728,940		1,111,537
Incurred, net of reinsurance, related to:
Current period	233,969		187,309
Prior years	—		—
Total incurred, net of reinsurance	233,969		187,309
Paid, net of reinsurance, related to:
Current period	15,838		15,256
Prior years	138,077		118,900
Total paid	153,915		134,156
Net reserves for losses and LAE, end of period	1,808,994		1,164,690
Plus: reinsurance recoverable on unpaid claims, end of period	1,109,909		706,801
Reserves for losses and LAE, end of period	$	2,918,903	$	1,871,491

Equity Method Investments and Other (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Carrying Value of Equity Method Investments

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of March 31, 2026 and 2025:


($ in thousands)	March 31, 2026				December 31, 2025
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	24,011	13.4	%	$	26,936	14.0	%
JVM Funds LLC units	14,155		10.1	%	14,911		10.1	%
Hudson Ventures Fund 2 LP units	5,397		2.5	%	5,503		2.5	%
RISCOM	4,026		20.0	%	3,307		20.0	%
Brewer Lane Ventures Fund II LP units	2,522		2.3	%	2,251		2.4	%
Dowling Capital Partners LP units	292		5.0	%	590		5.0	%

Arena SOP LP units	—		11.3	%	—		11.2	%
	$	50,403			$	53,498

The following table sets forth the components of net investment income (loss) from equity method investments for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
RISCOM		$	719	$	(128)
Dowling Capital Partners LP units		175		13
Hudson Ventures Fund II LP units		(106)		(25)
Brewer Lane Ventures Fund II LP		(12)		170
JVM Funds LLC		(431)		(211)
Arena SOP LP units		—		(1,256)
Arena Special Opportunities Fund, LP units		(1,642)		(551)
		$	(1,297)	$	(1,988)

The following table sets forth the unfunded commitment of equity method investments as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Brewer Lane Ventures Fund II LP units	$	2,650	$	3,237
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	166		166
	$	3,202	$	3,789

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Investment in RISCOM:
Underlying equity	$	3,073	$	2,292
Difference	953		1,015
Recorded investment balance	$	4,026	$	3,307

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Investment in JVM Funds LLC:
Underlying equity	$	13,739	$	14,457
Difference	416		454
Recorded investment balance	$	14,155	$	14,911

The carrying value of the SMA1 and SMA2 as of March 31, 2026 and December 31, 2025 were as follows:


($ in thousands)	March 31, 2026		December 31, 2025

SMA1	$	13,823	$	15,418
SMA2	7,875		8,449
Investment in indirect loans and loan collateral	$	21,698	$	23,867

Variable Interest Entity

3 Months Ended

Mar. 31, 2026

Variable Interest Entity [Abstract]

Variable Interest Entity

Pursuant to GAAP consolidation guidance, Skyward consolidates Separate Account HSIC-01 (“HSIC-01”), established by Mangrove Risk Solutions Bermuda Ltd. (“Mangrove”). HSIC-01 is a VIE for which the Company is the primary beneficiary. The purpose of the VIE is to hedge price volatility risks of certain insurance products by investing in dairy and livestock commodities. The Company directly manages the business; therefore, it considers itself the primary beneficiary. The Company does not provide performance guarantees and has no other financial obligation to provide funding to HSIC-01, other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to the assets of HSIC-01 other than to satisfy associated liabilities.


($ in thousands)	March 31, 2026
Assets
Cash and cash equivalents	20,196




Options, at fair value	24,401
Total assets	$	44,597

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 59,616	$ 44,490
Other operating and general expenses	60,089	38,148
Corporate expenses		3,913
Total underwriting, acquisition and insurance expenses	$ 124,614	$ 86,551

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

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+ Details

Commission and Fee Income and Underwriting Fee Income (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
SUA commission revenue		$	2,281	$	1,837
SUA fee income		455		1,177
Other		593		10
Total commission and fee revenue		3,329		3,024
Commission and fee expenses		(1,802)		(1,048)
Net commission and fee income		$	1,527	$	1,976

The following table sets forth the Apollo’s revenues from contracts with customers for the three months ended March 31, 2026:


	Three months ended March 31,
($ in thousands)		2026
Managing agents fees		$	3,527
Profit commission & consortium overrider charged to Managed Syndicates		6,551
Underwriting fee income		$	10,078

Related Party Transactions - Schedule of RISCOM Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Net earned premium	$ 434,007	$ 300,366
Affiliated entity \| Agency agreement \| RISCOM
Related Party Transaction [Line Items]
Net earned premium	30,924	28,960
Commissions	$ 8,188	$ 7,632

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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- Definition

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,500 and $7,000, respectively) (amortized cost of $2,208,212 and $1,848,755, respectively)	$ 2,195,107	$ 1,856,303
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $301 and $468, respectively)	30,094	32,822
Equity securities, at fair value	1,140	1,174
Mortgage loans, at fair value	9,088	9,902
Equity method investments	72,101	77,365
Other long-term investments	50,297	58,650
Short-term investments, at fair value	386,514	264,299
Total investments	2,744,341	2,300,515
Cash and cash equivalents	255,910	168,544
Restricted cash	60,521	30,570
Funds at Lloyd's	108,846	2,509
Options, at fair value	24,401	34,857
Premiums and commissions receivable, net	830,509	544,217
Reinsurance recoverables, net	1,336,937	1,119,880
Ceded unearned premium	314,850	238,948
Deferred policy acquisition costs and VOBA	193,703	136,100
Deferred tax assets	44,138	27,865
Goodwill and intangible assets, net	473,316	88,040
Other assets	160,005	99,807
Total assets	6,547,477	4,791,852
Liabilities:
Reserves for losses and loss adjustment expenses	2,918,903	2,318,894
Unearned premiums	1,014,666	774,035
Deferred ceding commission	49,035	46,453
Reinsurance and premium payables	479,412	279,888
Funds held for others	157,380	128,003
Deferred tax liabilities	68,466	0
Accounts payable and accrued liabilities	148,737	115,034
Notes payable	466,418	100,411
Subordinated debt, net of debt issuance costs	19,577	19,569
Total liabilities	5,322,594	3,782,287
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,728,087 shares issued and 44,543,065 shares outstanding at March 31, 2026; 40,511,222 shares issued and outstanding at December 31, 2025	484	405
Treasury stock, at cost, 185,022 and 0 shares, respectively	(8,665)	0
Additional paid-in capital	922,311	730,555
Accumulated other comprehensive (loss) income	(6,126)	11,457
Retained earnings	316,879	267,148
Total stockholders’ equity	1,224,883	1,009,565
Total liabilities and stockholders’ equity	$ 6,547,477	$ 4,791,852

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

RISCOM

RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM.

Net earned premium and gross commission expense related to these agreements for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
($ in thousands)		2026		2025
Net earned premium		$	30,924	$	28,960
Commissions		8,188		7,632

Premiums receivable as of March 31, 2026 and December 31, 2025 were $18.4 million and $13.9 million, respectively.

Other

Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the three months ended March 31, 2026 and 2025 were $0.2 million.

See Note 6 for investments involving affiliated companies and additional related party transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements - Schedule of Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fixed Maturity Securities, Available-For-Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 150,917	$ 77,920
Total losses for the period recognized in net investment gains	(62)	(110)
Issuances		0
Settlements		0
Purchases	11,266	5,164
Sales/Disposals	(334)	(199)
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income	(2,337)	682
Ending balance	159,450	83,457
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end		0
Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,902	26,490
Total losses for the period recognized in net investment gains	(814)	(66)
Issuances		5
Settlements		(10,417)
Purchases	0	0
Sales/Disposals	0	0
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income	0	0
Ending balance	$ 9,088	16,012
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end		$ (84)

Segments - Schedule of Apollo’s Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total gross written premiums	$ 667,704	$ 535,326
Apollo Segment
Segment Reporting Information [Line Items]
Total gross written premiums	85,900	$ 0
Total managed premiums	300,005
Aligned Syndicates \| Apollo Segment
Segment Reporting Information [Line Items]
Total managed premiums	210,549
Partner Syndicates \| Apollo Segment
Segment Reporting Information [Line Items]
Total managed premiums	$ 89,456

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The following table sets forth the Company’s income tax expense and effective tax rates for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026			2025
Income tax expense		$	12,345		$	9,377
Effective tax rate		19.9		%	18.2		%

The effective tax rate will differ from the statutory rate of 21 percent due to tax charges associated with the effect of foreign operations, permanent differences for disallowed expenses for tax and beneficial adjustments for tax-exempt income, dividends-received deduction, and discrete items. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates of 15% in Bermuda and 25% in UK. The effective tax rate for three months ended March 31, 2026 was impacted by certain discrete tax items, primarily tax benefits from stock-based compensation, which reduced the effective tax rate by 3.1%.

The Company paid income taxes of $2.9 million during the three months ended March 31, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Available-for-sale allowance for credit losses	$ 6,500	$ 7,000
Amortized cost	2,208,212	1,848,755
Allowance for credit losses	$ 301	$ 468
Common stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	44,728,087	40,511,222
Common stock, shares outstanding (in shares)	44,543,065	40,511,222
Treasury stock (in shares)	185,022	0

Commission and Fee Income and Underwriting Fee Income - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Contract asset after allowance for credit loss	$ 0.7	$ 1.0
Apollo Group Holdings Limited \| Managed Syndicates \| Related Party
Disaggregation of Revenue [Line Items]
Agency fees from syndicates (in percent)	0.009
Apollo Group Holdings Limited \| SPA1925 \| Related Party
Disaggregation of Revenue [Line Items]
Agency fees from syndicates (in percent)	0.010
Apollo Group Holdings Limited \| Syndicate 1969 \| Related Party
Disaggregation of Revenue [Line Items]
Profit commission (in percent)	0.175
Apollo Group Holdings Limited \| Syndicate 1971 \| Related Party
Disaggregation of Revenue [Line Items]
Profit commission (in percent)	0.200

Equity Method Investments and Other - Schedule of Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 3,202	$ 3,789
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	2,650	3,237
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	386	386
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 166	$ 166

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Underwriting, Acquisition and Insurance Expenses

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Amortization of policy acquisition costs		$	59,616	$	44,490
Other operating and general expenses		60,089		38,148
Corporate expenses		4,909		3,913
Total underwriting, acquisition and insurance expenses		$	124,614	$	86,551

Equity Method Investments and Other - Schedule of Investment in RISCOM (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 72,101	$ 77,365
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	3,073	2,292
Difference	953	1,015
Recorded investment balance	$ 4,026	$ 3,307

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Reinsurance

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026				2025
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	507,134	$	515,489	$	408,310	$	385,438
Assumed premiums	160,570		149,556		127,016		78,727
Ceded premiums	(234,821)		(231,038)		(192,055)		(163,799)
Net premiums	$	432,883	$	434,007	$	343,271	$	300,366
Ceded losses and LAE incurred			$	152,573			$	135,467

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of March 31, 2026 and December 31, 2025:



($ in thousands)	March 31, 2026		December 31, 2025
Ceded unpaid losses and LAE	$	1,109,909	$	921,165
Ceded paid losses and LAE	229,323		201,010

Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	1,336,937	$	1,119,880
Ceded unearned premium	$	314,850	$	238,948

The Company entered into agreements with several of its reinsurers, whereby the reinsurer established funded trust accounts with the Company as the sole beneficiary. These trust accounts provide the Company additional security to collect claim recoverables under reinsurance contracts and the Company does not carry these on the balance sheet because the Company will only have custody over these accounts upon the failure of the reinsurer to pay amounts due. At March 31, 2026, the market value of these accounts was approximately $250.7 million. The trust amount will be adjusted periodically, by mutual agreement, based on claim payments and loss reserve recoverables.

Certain ceded reinsurance contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk are accounted for using the deposit method of accounting. The Company’s deposit asset at March 31, 2026 and December 31, 2025 was $18.2 million and $22.7 million, respectively, and was included in other assets on the condensed consolidated balance sheets.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at March 31, 2026 and 2025:


($ in thousands)	Accident and Health		Credit & Surety		Energy Solutions		Apollo		Other		Total
Goodwill
Gross balance at December 31, 2025	$	91,577	$	6,781	$	10,204	$	—	$	3,879	$	112,441
Accumulated impairment at December 31, 2025	(44,821)		—		—		—		(1,886)		(46,707)
Additions	—		—		—		125,408		—		125,408


Net balance at March 31, 2026	$	46,756	$	6,781	$	10,204	$	125,408	$	1,993	$	191,142


($ in thousands)	Accident and Health		Credit & Surety		Energy Solutions		Other		Total
Goodwill
Gross balance at December 31, 2024	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2024	(44,821)		—		—		(1,886)		(46,707)



Net balance at March 31, 2025	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734

The following tables set forth the carrying amount and changes in the balance of other intangible assets at March 31, 2026 and 2025:


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Syndicate Capacity		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2025	$	26,491	$	1,117	$	999	$	—	$	14,019	$	42,626
Accumulated amortization at December 31, 2025	(19,203)		(1,117)		—		—		—		(20,320)
Additions	27,000		—		35,000		200,000		—		262,000


Amortization	(1,257)		—		(875)		—		—		(2,132)
Net balance at March 31, 2026	$	33,031	$	—	$	35,124	$	200,000	$	14,019	$	282,174


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2024	$	24,491	$	1,117	$	999	$	14,019	$	40,626
Accumulated amortization at December 31, 2024	(17,895)		(1,117)		—		—		(19,012)



Amortization	(259)		—		—		—		(259)
Net balance at March 31, 2025	$	6,337	$	—	$	999	$	14,019	$	21,355

The Company’s indefinite lived intangible assets relate to insurance licenses, trademarks and Lloyd’s syndicates capacity. Its finite lived intangible assets, which relate to policy renewals, agency relationships, within agent relationships, finite syndicates capacity relationships and non-compete/exclusivity agreements, within non-competes, have a weighted average useful life of approximately 9 years as of March 31, 2026.

The Company recognized approximately $2.1 million and $0.3 million in amortization expense for the three months ended March 31, 2026 and 2025, respectively. The following table sets forth the estimated future net amortization expense of intangible assets:


($ in thousands)
	Amount
Remainder of 2026	$	6,394
Year Ending December 31, 2027	8,525
Year Ending December 31, 2028	8,525
Year Ending December 31, 2029	8,233
Year Ending December 31, 2030	8,025

Underwriting, Acquisition and Insurance Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Schedule of Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Amortization of policy acquisition costs		$	59,616	$	44,490
Other operating and general expenses		60,089		38,148
Corporate expenses		4,909		3,913
Total underwriting, acquisition and insurance expenses		$	124,614	$	86,551

Commission and Fee Income and Underwriting Fee Income

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Commission and Fee Income and Underwriting Fee Income

Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company.

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
SUA commission revenue		$	2,281	$	1,837
SUA fee income		455		1,177
Other		593		10
Total commission and fee revenue		3,329		3,024
Commission and fee expenses		(1,802)		(1,048)
Net commission and fee income		$	1,527	$	1,976

The Company’s contract assets from commission and fee income as of March 31, 2026 and December 31, 2025 were $0.7 million and $1.0 million, respectively.

Through its Apollo subsidiary ASML, the Company earns revenue for services performed in its capacity as managing agent to both its wholly owned and third‑party capitalized Lloyd’s syndicates. These revenues primarily consist of managing agency fees, which compensate the Company for underwriting oversight, operational administration, and regulatory and compliance support, as well as profit commission, which is contingent upon the underwriting performance of certain syndicates. ASML receives managing agency fees from managed syndicates, including 1969, 1971 and 1972 (collectively the “Managed Syndicates”) at a rate of 0.9% of the managed stamp capacity and for SPA1925 at 1.0%, which is fully recognized over the period the services are rendered. ASML receives profit commission at a rate of 17.5% for Syndicate 1969 and 20.0% for Syndicate 1971, subject to a two-year deficit clause. No profit commission has been recognized for SPA1925 or Syndicate 1972. ASML also receives a share of the leader’s fee for managing consortium arrangements. Managing agency fees and services revenue are recognized over time as services are rendered, while profit commission is recognized only when it becomes probable that no significant reversal will occur. This revenue is disclosed in underwriting fee income.

The following table sets forth the Apollo’s revenues from contracts with customers for the three months ended March 31, 2026:


	Three months ended March 31,
($ in thousands)		2026
Managing agents fees		$	3,527
Profit commission & consortium overrider charged to Managed Syndicates		6,551
Underwriting fee income		$	10,078

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Investments - Schedule of Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fixed Maturity Securities, Available-For-Sale
Beginning balance	$ 7,000
Recoveries of amounts previously written off	(500)
Ending balance	6,500
Fixed Maturity Securities, Held-to-Maturity
Beginning balance	468	$ 243
Current period provision for credit losses		7
Recoveries of amounts previously written off	(167)
Ending balance	$ 301	$ 250

Variable Interest Entity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 255,910	$ 168,544
Options, at fair value	24,401	34,857
Total assets	6,547,477	$ 4,791,852
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	20,196
Options, at fair value	24,401
Total assets	$ 44,597

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted net earnings per share for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands, except for share and per share amounts)		2026		2025
Numerator
Net income		$	49,731	$	42,058




Denominator
Basic weighted-average common shares		44,463,167		40,196,416



Dilutive effect of stock units		508,468		1,004,585
Dilutive effect of options		472,325		479,594
Diluted weighted-average common share equivalents		45,443,960		41,680,595
Basic earnings per share		$	1.12	$	1.05
Diluted earnings per share		$	1.09	$	1.01


	Three months ended March 31,
		2026	2025


Stock units		385,108	56,155
Options		27	2,512

Equity Method Investments and Other

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Other

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of March 31, 2026 and 2025:


($ in thousands)	March 31, 2026				December 31, 2025
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	24,011	13.4	%	$	26,936	14.0	%
JVM Funds LLC units	14,155		10.1	%	14,911		10.1	%
Hudson Ventures Fund 2 LP units	5,397		2.5	%	5,503		2.5	%
RISCOM	4,026		20.0	%	3,307		20.0	%
Brewer Lane Ventures Fund II LP units	2,522		2.3	%	2,251		2.4	%
Dowling Capital Partners LP units	292		5.0	%	590		5.0	%

Arena SOP LP units	—		11.3	%	—		11.2	%
	$	50,403			$	53,498

The following table sets forth the components of net investment income (loss) from equity method investments for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
RISCOM		$	719	$	(128)
Dowling Capital Partners LP units		175		13
Hudson Ventures Fund II LP units		(106)		(25)
Brewer Lane Ventures Fund II LP		(12)		170
JVM Funds LLC		(431)		(211)
Arena SOP LP units		—		(1,256)
Arena Special Opportunities Fund, LP units		(1,642)		(551)
		$	(1,297)	$	(1,988)

The following table sets forth the unfunded commitment of equity method investments as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Brewer Lane Ventures Fund II LP units	$	2,650	$	3,237
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	166		166
	$	3,202	$	3,789

The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships. The Company amortizes this difference over a 15-year useful life.

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Investment in RISCOM:
Underlying equity	$	3,073	$	2,292
Difference	953		1,015
Recorded investment balance	$	4,026	$	3,307

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026		December 31, 2025
Investment in JVM Funds LLC:
Underlying equity	$	13,739	$	14,457
Difference	416		454
Recorded investment balance	$	14,155	$	14,911

Investment in Indirect Loans and Loan Collateral

As of March 31, 2026 and December 31, 2025, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value of the SMA1 and SMA2 as of March 31, 2026 and December 31, 2025 were as follows:


($ in thousands)	March 31, 2026		December 31, 2025

SMA1	$	13,823	$	15,418
SMA2	7,875		8,449
Investment in indirect loans and loan collateral	$	21,698	$	23,867

Reinsurance (Tables)

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Schedule of Effects of Reinsurance

The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026				2025
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	507,134	$	515,489	$	408,310	$	385,438
Assumed premiums	160,570		149,556		127,016		78,727
Ceded premiums	(234,821)		(231,038)		(192,055)		(163,799)
Net premiums	$	432,883	$	434,007	$	343,271	$	300,366
Ceded losses and LAE incurred			$	152,573			$	135,467

Schedule of Ceded Credit Risk

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of March 31, 2026 and December 31, 2025:



($ in thousands)	March 31, 2026		December 31, 2025
Ceded unpaid losses and LAE	$	1,109,909	$	921,165
Ceded paid losses and LAE	229,323		201,010

Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	1,336,937	$	1,119,880
Ceded unearned premium	$	314,850	$	238,948

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents gross written premiums by underwriting division for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Skyward Specialty Segment
Accident & Health		$	92,009	$	63,169
Captives		57,914		66,929
Credit & Surety		64,174		45,028
Energy Solutions		48,866		75,594
Global Agriculture		102,352		80,617
Global Property		34,517		46,686
Professional Lines		36,228		40,217
Specialty Programs		94,767		62,675
Transactional E&S		50,064		52,006
Total continuing business		580,891		532,921
Exited business		913		2,405
Total Skyward Specialty Segment gross written premiums		581,804		535,326
Apollo Segment
Syndicate 1969		65,008		—
Syndicate 1971		20,892		—
Total Apollo Segment gross written premiums		85,900		—
Total gross written premiums		$	667,704	$	535,326

The following table sets forth the Apollo segment’s managed premiums for the three months ended March 31, 2026:


	Three months ended March 31,
	2026


Aligned Syndicates	210,549
Partner Syndicates	89,456
Total managed premiums	$	300,005


Three months ended March 31,	2026						2025
($ in thousands)	Skyward Specialty		Apollo		Total		Skyward Specialty		Total
Underwriting income
Revenues:
Net earned premiums	$	363,943	$	70,064	$	434,007	$	300,366	$	300,366
Underwriting fee income	—		10,078		10,078		—		—
Commission and fee income	1,527		—		1,527		1,976		1,976
Total underwriting revenues	365,470		80,142		445,612		302,342		302,342
Expenses:
Losses and LAE	228,231		36,992		265,223		187,309		187,309
Amortization of policy acquisition costs	51,059		8,557		59,616		44,490		44,490
Other operating and general expenses	45,904		14,185		60,089		38,148		38,148
Corporate expenses	—		—		4,909		—		3,913
Fee‑based service expenses	—		4,170		4,170		—		—
Total underwriting expenses	325,194		63,904		394,007		269,947		273,860
Underwriting income	$	40,276	$	16,238	$	51,605	$	32,395	$	28,482

Reconciliation of underwriting income to net income:
Underwriting income					$	51,605			$	28,482
Add:
Net investment income					27,055				19,422
Net investment gains					3,185				6,750
Other income					15				13
Less:
Interest expense					7,719				1,834
Amortization expense					8,843				337
Other expenses					3,222				1,061
Income before income taxes					62,076				51,435
Income tax expense					12,345				9,377
Net income					$	49,731			$	42,058

Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jan. 01, 2026	Mar. 31, 2025
Liabilities assumed
Goodwill	$ 191,142		$ 65,734
Apollo Group Holdings Limited
Assets acquired, excluding goodwill
Fixed maturity securities, available-for-sale, at fair value		$ 222,460
Short-term investments, at fair value		187,178
Cash and cash equivalents		68,054
Funds at Lloyd's		106,336
Premiums receivable, net		272,803
Reinsurance recoverables, net		165,540
Ceded unearned premium		69,097
Deferred policy acquisition costs and VOBA		56,128
Deferred income taxes		13,966
Intangible assets, excluding goodwill, net		262,000
Other assets		25,830
Total assets acquired, excluding goodwill		1,449,392
Liabilities assumed
Reserves for losses and loss adjustment expenses		477,596
Unearned premiums		233,501
Reinsurance and premium payables		144,536
Funds held for others		18,684
Accounts payable and accrued liabilities		71,506
Deferred income taxes		69,837
Total liabilities assumed		1,015,660
Fair value of net assets acquired, excluding goodwill		433,732
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill		559,140
Goodwill		$ 125,408

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Net earned premiums	$ 434,007	$ 300,366
Underwriting fee income	10,078	0
Commission and fee income	1,527	1,976
Net investment income	27,055	19,422
Net investment gains	3,185	6,750
Other income	15	13
Total revenues	475,867	328,527
Expenses:
Losses and loss adjustment expenses	265,223	187,309
Underwriting, acquisition and insurance expenses	124,614	86,551
Fee‑based service expenses	4,170	0
Interest expense	7,719	1,834
Amortization expense	8,843	337
Other expenses	3,222	1,061
Total expenses	413,791	277,092
Income before income taxes	62,076	51,435
Income tax expense	12,345	9,377
Net income	49,731	42,058
Comprehensive income
Net income	49,731	42,058
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax	(17,217)	12,255
Reclassification adjustment for gains (losses) on securities no longer held, net of tax	502	(182)
Foreign currency translation adjustment	(868)	0
Total other comprehensive (loss) income	(17,583)	12,073
Comprehensive income	$ 32,148	$ 54,131
Per share data:
Basic earnings per share (in dollar per share)	$ 1.12	$ 1.05
Diluted earnings per share (in dollar per share)	$ 1.09	$ 1.01
Weighted-average common shares outstanding
Basic (in shares)	44,463,167	40,196,416
Diluted (in shares)	45,443,960	41,680,595

Mortgage Loans - Narrative (Details)	3 Months Ended
Mortgage Loans - Narrative (Details)	Mar. 31, 2026 USD ($) Loan	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of property appraisal value	64.00%
Mortgage loans uncollectable write-off	$ 0	$ 0
Mortgage loans in foreclosure	$ 2,500,000		$ 2,500,000
Mortgage loans not producing income \| Loan	1
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	2 years
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	4 years

Derivatives - Schedule of Derivatives and Fair Value of Derivative Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, notional amount	$ 188,191
Derivative assets, fair value	$ 24,401

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

Equity Method Investments and Other - Narrative (Details)	3 Months Ended
	Mar. 31, 2026
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Losses and Loss Adjustment Expenses


	Three months ended March 31,
($ in thousands)	2026		2025
Reserves for losses and LAE, beginning of period	$	2,796,491	$	1,782,383
Less: reinsurance recoverable on unpaid claims, beginning of period	(1,067,551)		(670,846)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,728,940		1,111,537
Incurred, net of reinsurance, related to:
Current period	233,969		187,309
Prior years	—		—
Total incurred, net of reinsurance	233,969		187,309
Paid, net of reinsurance, related to:
Current period	15,838		15,256
Prior years	138,077		118,900
Total paid	153,915		134,156
Net reserves for losses and LAE, end of period	1,808,994		1,164,690
Plus: reinsurance recoverable on unpaid claims, end of period	1,109,909		706,801
Reserves for losses and LAE, end of period	$	2,918,903	$	1,871,491

Reinsurance - Schedule of Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 1,109,909	$ 921,165	$ 706,801	$ 670,846
Ceded paid losses and LAE	229,323	201,010
Allowance for credit losses	(2,295)	(2,295)
Reinsurance recoverables	1,336,937	1,119,880
Ceded unearned premium	$ 314,850	$ 238,948

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, policy benefits and policy reserves. Excludes premiums paid under reinsurance contracts.

+ References + Details

Notes Payable & Subordinated Debt	3 Months Ended
Notes Payable & Subordinated Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Notes Payable & Subordinated Debt	Notes Payable & Subordinated Debt FHLB Loan On August 30, 2024, the Company entered into the FHLB Loan pursuant to the Advances and Security Agreement. The FHLB Loan is a 4.5-year term loan in the principal amount of $57.0 million. The FHLB Loan provides for interest-only payments during its term, with principal due in full at maturity. The interest rate is fixed over the term of the loan at 4.00%. The FHLB Loan is fully secured by a pledge of specific investment securities of HSIC. The Company used the proceeds to fund redemptions of the draws on its prior credit facility. Term Loan Facility During the fourth quarter of 2025, the Company entered into a Term Loan Credit Agreement (the “Term Loan Facility”) with a syndicate of participating banks. The Term Loan Facility includes (a) an unsecured senior delayed draw term loan facility (“DDTL”) in the aggregate principal amount of $150.0 million (the “Tranche A DDTL”) and (b) an additional unsecured senior DDTL in the aggregate principal of $150.0 million (the “Tranche B DDTL” and together with the Tranche A DDTL, the “Term Loan Facility”). The Term Loan Facility was used by the Company to fund a portion of the consideration of the Company’s acquisition of Apollo Group Holdings Limited (“Apollo”) and related transaction fees and expenses. Amounts drawn under the Term Loan Facility bear interest at either term SOFR plus a margin, which ranges from 150 basis points to 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on the Company’s debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then-current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, the Company pays a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on the Company’s debt to capitalization ratio. The Tranche A DDTL matures on January 1, 2028 and the Tranche B DDTL matures on July 2, 2029. On December 30, 2025, the Company drew $150 million of the Tranche A DDTL and $150 million of the Tranche B DDTL for the acquisition of Apollo on January 1, 2026. The Term Loan Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness exceeding $10.0 million and on the Company’s ability to make distributions to its stockholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants, including financial covenants relating to our minimum consolidated net worth, maximum total debt to capitalization, minimum A.M. Best rating and minimum liquidity, as well as customary events of default. As of March 31, 2026, the Company was in compliance with all covenants. The Term Loan Facility is unsecured. In connection with the Revolving Credit Facility (defined below), during the fourth quarter of 2025, the Company and the subsidiary guarantors party thereto, entered into a guaranty agreement, pursuant to which the Company’s obligations under the Term Loan Facility are guaranteed by the Company and its existing wholly-owned subsidiaries and subsequently acquired or organized subsidiaries, excluding insurance company subsidiaries and subject to certain other exceptions. The Company reports debt related to the Term Loan Facility in its March 31, 2026 Condensed Consolidated Balance Sheet, net of debt issuance costs of approximately $5.1 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the debt. Revolving Credit Facilities During the fourth quarter of 2025, the Company, entered into a Credit Agreement (the “Revolving Credit Facility”) with a syndicate of participating banks. The Revolving Credit Facility is unsecured and provided the Company with up to a initial maximum principal amount of $150.0 million which was increased to $250.0 million on the closing date of the Company’s acquisition of Apollo. The Company initially drew $43.0 million, which was used to redeem the Company’s prior revolving credit facility (described below). On December 30, 2025, the company drew an additional $71.5 million which was used for the consideration paid for the acquisition of Apollo. The proceeds were used for the acquisition of Apollo on January 1, 2026. Interest on the Revolving Credit Facility is payable quarterly. Amounts drawn under the Facility bear interest at either term SOFR plus a margin, which ranges from 150 and 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on the Company’s debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, the Company pays a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on the Company’s debt to capitalization ratio. The availability period under the Facility will terminate on November 12, 2030. The Company is subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity, as well as customary events of default. As of March 31, 2026, the Company was in compliance with all covenants. Debentures In May 2019, the Company entered into an agreement to issue unsecured subordinated notes (the “Notes”) with an aggregate principal amount of $20.0 million. Interest on the Notes is fixed at 7.25% for the first 8 years and fixed at 8.25% thereafter. Early retirement of the debt ahead of 8 year commitment requires all interest payments to be paid in full as well as the return of outstanding principal. Principal is due at maturity on May 24, 2039 and interest is payable quarterly. The Notes have junior priority to all previously issued debt. The Company reports debt related to the Notes in its March 31, 2026 Condensed Consolidated Balance Sheet and its December 31, 2025 Consolidated Balance Sheet, net of debt issuance costs of approximately $0.4 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2026 segment division
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Skyward Specialty Segment
Segment Reporting Information [Line Items]
Number of underwriting divisions	9
Apollo Segment
Segment Reporting Information [Line Items]
Number of underwriting divisions	2

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2025 was derived from the Company’s audited annual consolidated financial statements.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.

Commission and Fee Income and Underwriting Fee Income

Managing Agency Fees and Profit Commission

ASML earns a fee for providing managing agency services (such as underwriting oversight, operational administration and regulatory compliance) to the syndicates it manages. These managing agency fees are based on each syndicate’s annual capacity and are recognized over the period of services provided. ASML may also earn profit commission under contractual arrangements with the capital providers to each syndicate. Profit commission is contingent on syndicate profitability and is accrued in accordance with the contractual terms and the subsequent development of underwriting results at the balance sheet date. Amounts are generally not payable until the underlying underwriting results have substantially matured (typically around 36 months after inception), unless interim profit distributions permit earlier payments on account. Intra‑group managing agency fees and profit commission are eliminated on consolidation.

Other Revenue From Management Services

Apollo also earns other services revenue for other administrative and operational services performed for the syndicates it manages, including those supported primarily by third‑party capital providers. Such revenue is measured at the fair value of consideration received or receivable and includes service fees and consortium income. Consortium income represents fees charged to consortia members for whom ASML acts as consortium leader and is recognized at the point in time premiums are written; amounts related to underwriting services provided over multi‑year periods are deferred accordingly.

Foreign Currency

The Company transacts business in numerous currencies through business units located around the world. The functional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes.

The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income and accumulated as a separate component of accumulated other comprehensive income in stockholder’s equity.

Reclassifications

During the current period, the Company reclassified amounts previously included in “Other assets” to separate line items on the balance sheet for “Funds at Lloyd’s” and “Options, at fair value” to better reflect the nature of these balances. Prior period amounts have been reclassified to conform to the current presentation.

Fair Value

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs.

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs.

Fixed maturity securities, available for sale classified as Level 3

The Company has corporate securities and miscellaneous, other asset-backed securities that are managed by an independent asset manager and priced by an independent pricing provider. The provider estimates the value of the securities using the discount net present value of cash flows method using an unobservable discount rate. The discount rate spread represents the risk associated with future cash flows, including inflation, opportunity cost and the time value of money. This rate represents Level 3 fair value inputs.

The following table sets forth the range of the discount rate as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025
High	11.35	%	11.10	%
Low	4.66	%	4.25	%
Weighted average	6.73	%	6.40	%

Mortgage loans

Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgment and uncertainty.

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025
High	8.09	%	8.34	%
Low	6.54	%	6.55	%
Weighted average	7.67	%	7.74	%

Derivatives

Included in other assets are derivatives which consist of certain exchange traded options contracts entered into by the Company. The fair values of these options are measured using quoted prices in active markets on the relevant exchange, specifically utilizing either the volume-weighted average price of trades in similar contracts during a specified time window, or the last trade settlement price when no trades occur within that period. This method represents Level 1 inputs.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2026 segment subsidiary
Accounting Policies [Abstract]
Number of operating segments \| segment	2
Number Of US Subsidiaries	4
Number of subsidiaries	3

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Available for sale, fair value
Less than 12 Months		$ 233,041
12 Months or More		185,663
Total		418,704
Available for sale, gross unrealized losses
Less than 12 Months		(1,436)
12 Months or More		(15,394)
Total		(16,830)
Held-to-maturity, fair value
Less than 12 Months		1,912
12 Months or More		0
Total		1,912
Held-to-maturity, gross unrealized losses
Less than 12 Months		(48)
12 Months or More		0
Total		(48)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	$ 929,701	234,953
12 Months or More	163,373	185,663
Total	1,093,074	420,616
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(9,595)	(1,484)
12 Months or More	(16,513)	(15,394)
Total	(26,108)	(16,878)
U.S. government securities
Available for sale, fair value
Less than 12 Months	91,541	349
12 Months or More	707	1,565
Total	92,248	1,914
Available for sale, gross unrealized losses
Less than 12 Months	(769)	(1)
12 Months or More	(5)	(13)
Total	(774)	(14)
Non U.S government securities
Available for sale, fair value
Less than 12 Months	2,671
12 Months or More	0
Total	2,671
Available for sale, gross unrealized losses
Less than 12 Months	(25)
12 Months or More	0
Total	(25)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	341,776	67,644
12 Months or More	57,293	63,575
Total	399,069	131,219
Available for sale, gross unrealized losses
Less than 12 Months	(4,883)	(346)
12 Months or More	(3,998)	(2,734)
Total	(8,881)	(3,080)
Municipal securities
Available for sale, fair value
Less than 12 Months	23,170	19,157
12 Months or More	19,570	22,004
Total	42,740	41,161
Available for sale, gross unrealized losses
Less than 12 Months	(296)	(400)
12 Months or More	(1,872)	(1,900)
Total	(2,168)	(2,300)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	130,908	56,147
12 Months or More	69,744	74,075
Total	200,652	130,222
Available for sale, gross unrealized losses
Less than 12 Months	(1,017)	(262)
12 Months or More	(9,137)	(9,224)
Total	(10,154)	(9,486)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	11,391	4,646
12 Months or More	8,276	8,363
Total	19,667	13,009
Available for sale, gross unrealized losses
Less than 12 Months	(21)	(3)
12 Months or More	(594)	(594)
Total	(615)	(597)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	328,244	85,098
12 Months or More	7,783	16,081
Total	336,027	101,179
Available for sale, gross unrealized losses
Less than 12 Months	(2,584)	(424)
12 Months or More	(907)	(929)
Total	$ (3,491)	(1,353)
Held-to-maturity, fair value
Less than 12 Months		1,912
12 Months or More		0
Total		1,912
Held-to-maturity, gross unrealized losses
Less than 12 Months		(48)
12 Months or More		0
Total		$ (48)

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

The following tables set forth the amortized cost and the fair value by investment category at March 31, 2026 and December 31, 2025:


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities	$	160,144	$	178	$	(774)	$	—	$	159,548
Non U.S government securities	2,696		—		(25)		—		2,671
Corporate securities and miscellaneous	807,859		8,007		(8,881)		(6,500)		800,485
Municipal securities	96,647		1,150		(2,168)		—		95,629
Residential mortgage-backed securities	475,069		6,260		(10,154)		—		471,175
Commercial mortgage-backed securities	79,618		669		(615)		—		79,672
Other asset-backed securities	586,179		3,239		(3,491)		—		585,927
Total fixed maturity securities, available-for-sale	$	2,208,212	$	19,503	$	(26,108)	$	(6,500)	$	2,195,107
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	30,395	$	4,196	$	—	$	(301)	$	34,290
Total fixed maturity securities, held-to-maturity	$	30,395	$	4,196	$	—	$	(301)	$	34,290


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,190	$	292	$	(14)	$	—	$	44,468
Corporate securities and miscellaneous	632,244		14,223		(3,080)		(7,000)		636,387
Municipal securities	102,691		1,725		(2,300)		—		102,116
Residential mortgage-backed securities	487,145		8,928		(9,486)		—		486,587
Commercial mortgage-backed securities	72,631		1,016		(597)		—		73,050
Other asset-backed securities	509,854		5,194		(1,353)		—		513,695
Total fixed maturity securities, available-for-sale	$	1,848,755	$	31,378	$	(16,830)	$	(7,000)	$	1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	33,290	$	829	$	(48)	$	(468)	$	33,603
Total fixed maturity securities, held-to-maturity	$	33,290	$	829	$	(48)	$	(468)	$	33,603

The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at March 31, 2026:



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	56,515	$	54,611
Due after one year through five years	636,682		630,559
Due after five years through ten years	304,483		305,672
Due after ten years	69,666		67,491
Mortgage-backed securities	554,687		550,847
Other asset-backed securities	586,179		585,927
Total	$	2,208,212	$	2,195,107

Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.

The Company’s fixed maturity securities, held-to-maturity, at March 31, 2026 consisted entirely of asset backed securities that were not due at a single maturity date.

At March 31, 2026, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $71.3 million pledged as collateral for a loan (the “FHLB Loan”) from the Federal Home Loan Bank of Dallas (“FHLB”) pursuant to an Advances and Security Agreement between the Company and FHLB (the “Advances and Security Agreement”). In accordance with the terms of the FHLB Loan, the Company retains all rights regarding these pledged securities.

At March 31, 2026, the Company had assets with fair values of approximately $77.5 million pledged as collateral for performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $63.2 million are residential mortgage-backed securities, $12.1 million of cash and cash equivalents and other assets and $2.2 million of short-term investments.

The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of March 31, 2026 and 2025:


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities	$	91,541	$	(769)	$	707	$	(5)	$	92,248	$	(774)
Non-U.S. government securities	2,671		(25)		—		—		2,671		(25)
Corporate securities and miscellaneous	341,776		(4,883)		57,293		(3,998)		399,069		(8,881)
Municipal securities	23,170		(296)		19,570		(1,872)		42,740		(2,168)
Residential mortgage-backed securities	130,908		(1,017)		69,744		(9,137)		200,652		(10,154)
Commercial mortgage-backed securities	11,391		(21)		8,276		(594)		19,667		(615)
Other asset-backed securities	328,244		(2,584)		7,783		(907)		336,027		(3,491)




Total	$	929,701	$	(9,595)	$	163,373	$	(16,513)	$	1,093,074	$	(26,108)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	349	$	(1)	$	1,565	$	(13)	$	1,914	$	(14)
Corporate securities and miscellaneous	67,644		(346)		63,575		(2,734)		131,219		(3,080)
Municipal securities	19,157		(400)		22,004		(1,900)		41,161		(2,300)
Residential mortgage-backed securities	56,147		(262)		74,075		(9,224)		130,222		(9,486)
Commercial mortgage-backed securities	4,646		(3)		8,363		(594)		13,009		(597)
Other asset-backed securities	85,098		(424)		16,081		(929)		101,179		(1,353)
Total fixed maturity securities, available-for-sale	233,041		(1,436)		185,663		(15,394)		418,704		(16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	1,912		(48)		—		—		1,912		(48)
Total fixed maturity securities, held-to-maturity:	1,912		(48)		—		—		1,912		(48)
Total	$	234,953	$	(1,484)	$	185,663	$	(15,394)	$	420,616	$	(16,878)

The Company regularly monitors its available-for-sale fixed maturity securities that have fair values less than cost or amortized cost for signs of impairment, an assessment that requires significant management judgment regarding the evidence known. Such judgments could change in the future as more information becomes known, which could negatively impact the amounts reported. Among the factors that management considers for fixed maturity securities are the financial condition of the issuer including receipt of scheduled principal and interest cash flows, and intent to sell, including if it is more likely than not that the Company will be required to sell the investments before recovery.

As of March 31, 2026, the Company had 1,057 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company reviewed its investments at March 31, 2026 and determined that for two available-for-sale securities in the “corporate securities and miscellaneous” category, credit impairments existed, based on new recovery analysis that showed deteriorating conditions raising credit concerns. Other than the securities discussed previously, the Company determined that no other credit impairment existed in the gross unrealized holding losses, due to the reasons discussed below:

•U.S. government securities and municipal securities: These securities were issued by the U.S. Treasury Department, Federal government-sponsored entities or by state and local governments. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

•Corporate securities and miscellaneous: Corporations in various industries issued these securities. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company reviewed the issuers of these securities to identify any significant adverse change in financial condition, a change in the quality of credit enhancement (if any), a ratings decrease, or negative outlook assignment from a major credit rating agency, and any failure to make interest or principal payments. After these reviews, the Company determined that the decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

•Residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities: The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the three months ended March 31, 2026 and 2025:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025	$	7,000	$	468


Recoveries of amounts previously written off	(500)		(167)
Balance at March 31, 2026	$	6,500	$	301


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	243
Current period provision for credit losses	7


Balance at March 31, 2025	$	250

The following table sets forth the components of net investment gains for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Gross realized gains
Fixed maturity securities, available-for-sale	$	1,632	$	453
Equity securities	—		1,745
Other	175		4
Total	1,807		2,202
Gross realized losses
Fixed maturity securities, available-for-sale	(258)		(120)
Equity securities	—		(678)
Other	(139)		(61)
Total	(397)		(859)
Net unrealized gains (losses) on investments
Equity securities	(33)		1,080
Mortgage loans	99		(66)
Other	1,709		4,393
Net investment gains	$	3,185	$	6,750

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Fixed maturity securities, available-for-sale	$	84,032	$	8,195
Equity securities	—		8,748

The following table sets forth the components of net investment income for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Income (loss):
Fixed maturity securities, available-for-sale	$	29,411	$	17,288
Fixed maturity securities, held-to-maturity	(1,077)		822
Equity securities	18		617
Equity method investments	(1,297)		(1,988)
Mortgage loans	(665)		661
Indirect loans	(1,793)		(741)
Short-term investments and cash	3,474		3,192
Other	686		1,061
Total investment income	28,757		20,912
Investment expenses	(1,702)		(1,490)
Net investment income	$	27,055	$	19,422

The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Fixed maturity securities	$	(21,154)	$	15,284
Deferred income taxes	3,571		(3,211)
Total	$	(17,583)	$	12,073

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Premiums and commissions receivable, net	$ 830,509		$ 544,217
Professional fees and reimbursements \| Related Party
Related Party Transaction [Line Items]
Professional fees	$ 200	$ 200
RISCOM \| Agency agreement \| Affiliated entity
Related Party Transaction [Line Items]
Agreement, ownership interest	20.00%
Premiums and commissions receivable, net	$ 18,400		$ 13,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity Method Investments and Other - Schedule of Investment in JVN Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 72,101	$ 77,365
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	13,739	14,457
Difference	416	454
Recorded investment balance	$ 14,155	$ 14,911

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 2,318,894	$ 1,782,383
Reserves for losses and LAE, beginning of period			$ 2,796,491
Less: reinsurance recoverable on unpaid claims, beginning of period			(1,067,551)
Less: reinsurance recoverable on unpaid claims, beginning of period	(921,165)	(670,846)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,808,994	1,164,690	$ 1,728,940	$ 1,111,537
Incurred, net of reinsurance, related to:
Current period	233,969	187,309
Prior years	0	0
Total incurred, net of reinsurance	233,969	187,309
Paid, net of reinsurance, related to:
Current period	15,838	15,256
Prior years	138,077	118,900
Total paid	153,915	134,156
Net reserves for losses and LAE, end of period	1,808,994	1,164,690
Plus: reinsurance recoverable on unpaid claims, end of period	1,109,909	706,801
Reserves for losses and LAE, end of period	$ 2,918,903	$ 1,871,491

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial instruments include assets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in its consolidated financial statements. In determining fair value, the market approach is generally applied, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities.

The Company uses data primarily provided by third-party investment managers or pricing vendors to determine the fair value of its investments. Periodic analyses are performed on prices received from third parties to determine whether the prices are reasonable estimates of fair value. The analyses include a review of month-to-month price fluctuations and, as needed, a comparison of pricing services’ valuations to other pricing services’ valuations for the identical security.

The Company classifies its financial instruments into the following three-level hierarchy:

Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement

date.

Level 2 - Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through

corroboration with market data at the measurement date.

Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in

pricing the asset or liability at the measurement date.

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

Fixed maturity securities, available for sale classified as Level 3

The following table sets forth the range of the discount rate as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025
High	11.35	%	11.10	%
Low	4.66	%	4.25	%
Weighted average	6.73	%	6.40	%

Mortgage loans

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025
High	8.09	%	8.34	%
Low	6.54	%	6.55	%
Weighted average	7.67	%	7.74	%

Derivatives

The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at March 31, 2026 and December 31, 2025:


March 31, 2026
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	159,548	$	—	$	—	$	159,548
Non U.S government securities	—		2,671		—		2,671
Corporate securities and miscellaneous	—		658,638		141,847		800,485
Municipal securities	—		95,629		—		95,629
Residential mortgage-backed securities	—		471,175		—		471,175
Commercial mortgage-backed securities	—		79,672		—		79,672
Other asset-backed securities	—		568,324		17,603		585,927
Total fixed maturity securities, available-for-sale	159,548		1,876,109		159,450		2,195,107
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		34,290		34,290
Total fixed maturity securities, held-to-maturity	—		—		34,290		34,290
Equity securities:















Preferred stocks	—		1,140		—		1,140





Total equity securities	—		1,140		—		1,140
Mortgage loans	—		—		9,088		9,088
Short-term investments	386,514		—		—		386,514
Derivatives	24,401		—		—		24,401
Total	$	570,463	$	1,877,249	$	202,828	$	2,650,540


December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,468	$	—	$	—	$	44,468
Corporate securities and miscellaneous	—		503,274		133,113		636,387
Municipal securities	—		102,116		—		102,116
Residential mortgage-backed securities	—		486,587		—		486,587
Commercial mortgage-backed securities	—		73,050		—		73,050
Other asset-backed securities	—		495,891		17,804		513,695
Total fixed maturity securities, available-for-sale	44,468		1,660,918		150,917		1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		33,603		33,603
Total fixed maturity securities, held-to-maturity:	—		—		33,603		33,603
Equity securities:















Preferred stocks	—		1,174		—		1,174





Total equity securities	—		1,174		—		1,174
Mortgage loans	—		—		9,902		9,902
Short-term investments	264,299		—		—		264,299
Derivatives	34,857		—		—		34,857
Total	$	343,624	$	1,662,092	$	194,422	$	2,200,138

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the three months ended March 31, 2026 and 2025:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2025	$	150,917	$	9,902
Total losses for the period recognized in net investment gains	(62)		(814)


Purchases	11,266		—
Sales/Disposals	(334)		—
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income	(2,337)		—
Balance at March 31, 2026	$	159,450	$	9,088


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total losses for the period recognized in net investment gains	(110)		(66)
Issuances	—		5
Settlements	—		(10,417)
Purchases	5,164		—
Sales/Disposals	(199)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	682		—
Balance at March 31, 2025	$	83,457	$	16,012
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	(84)

The transfers into Level 3 during the three months ended March 31, 2026 were the result of securities that began receiving valuations from asset managers that utilized unobservable inputs at the end of the period.

The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired.

In addition to the preceding disclosures on assets and liabilities recorded at fair value in the consolidated balance sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgments are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts.

The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments:

Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of March 31, 2026, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3).

Investment in RedBird Capital Partners: Included in other long-term investments is an investment in a limited partnership with RedBird Capital Partners, which invests in Bishop Street Underwriters, LLC (“Bishop Street”), a managing general agent (MGA). The investment had a fair value of $47.2 million at March 31, 2026, which was determined using the net asset value. The Company employs procedures to assess the reasonableness of the fair value of the investment including obtaining and reviewing the audited financial statements. The unfunded commitment related to the investment was $18.3 million at March 31, 2026. The Company may sell its interest in the investment with the appropriate prior written notice and approval by the general partner. In accordance with Accounting Standard Codification 820-10, this investment is measured at fair value using the net asset value per share practical expedient and has not been classified in the fair value hierarchy.

Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2).

Subordinated debt: Subordinated debt consists of the Unsecured Subordinated Notes, due May 24, 2039 and have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2).

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,112	$	57,000	$	57,458
Revolving Credit Facility	114,500		114,500		114,500		114,500
Term Loan Facility, net of debt issuance costs	294,918		294,207		300,000		300,000
Notes payable	$	466,418	$	465,819	$	471,500	$	471,958
Subordinated debt

Unsecured subordinated notes	$	19,577	$	20,395	$	19,569	$	21,020
Subordinated debt, net of debt issuance costs	$	19,577	$	20,395	$	19,569	$	21,020

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 2,195,107	$ 1,856,303
Total fixed maturity securities, held-to-maturity	34,290	33,603
Total equity securities	1,140	1,174
Mortgage loans	9,088	9,902
Short-term investments	386,514	264,299
Derivatives	24,401	34,857
Total	2,650,540	2,200,138
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	159,548	44,468
Non U.S government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	2,671
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	800,485	636,387
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	95,629	102,116
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	471,175	486,587
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	79,672	73,050
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	585,927	513,695
Total fixed maturity securities, held-to-maturity	34,290	33,603
Preferred stocks
Fixed maturity securities, available-for-sale:
Total equity securities	1,140	1,174
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	159,548	44,468
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	0	0
Mortgage loans	0	0
Short-term investments	386,514	264,299
Derivatives	24,401	34,857
Total	570,463	343,624
Level 1 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	159,548	44,468
Level 1 \| Non U.S government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Level 1 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	0	0
Level 1 \| Preferred stocks
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,876,109	1,660,918
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	1,140	1,174
Mortgage loans	0	0
Short-term investments	0	0
Derivatives	0	0
Total	1,877,249	1,662,092
Level 2 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 2 \| Non U.S government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	2,671
Level 2 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	658,638	503,274
Level 2 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	95,629	102,116
Level 2 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	471,175	486,587
Level 2 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	79,672	73,050
Level 2 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	568,324	495,891
Total fixed maturity securities, held-to-maturity	0	0
Level 2 \| Preferred stocks
Fixed maturity securities, available-for-sale:
Total equity securities	1,140	1,174
Level 3
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	159,450	150,917
Total fixed maturity securities, held-to-maturity	34,290	33,603
Total equity securities	0	0
Mortgage loans	9,088	9,902
Short-term investments	0	0
Derivatives	0	0
Total	202,828	194,422
Level 3 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Non U.S government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Level 3 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	141,847	133,113
Level 3 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	17,603	17,804
Total fixed maturity securities, held-to-maturity	34,290	33,603
Level 3 \| Preferred stocks
Fixed maturity securities, available-for-sale:
Total equity securities	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common stock:	Treasury stock:	Additional paid-in capital:	Accumulated other comprehensive loss:	Retained earnings:
Common shares balance at beginning of period (in shares) at Dec. 31, 2024		40,127,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		274,971
Common shares balance at ending of period (in shares) at Mar. 31, 2025		40,402,879
Treasury Shares balance at beginning of period (in shares) at Dec. 31, 2024			0
Shares balance at Ending of period (in shares) at Mar. 31, 2025			0
Stockholders' equity beginning balance at Dec. 31, 2024		$ 401	$ 0	$ 718,598	$ (22,120)	$ 97,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		3		2,588
Other comprehensive (loss) income, net of tax	$ 12,073				12,073
Net income	42,058					42,058
Stockholders' equity ending balance at Mar. 31, 2025	$ 850,721	$ 404	$ 0	721,186	(10,047)	139,178
Common shares balance at beginning of period (in shares) at Dec. 31, 2025	40,511,222	40,511,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		4,031,843
Common shares balance at ending of period (in shares) at Mar. 31, 2026	44,543,065	44,543,065
Treasury Shares balance at beginning of period (in shares) at Dec. 31, 2025	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares acquired (in shares)			185,022
Shares balance at Ending of period (in shares) at Mar. 31, 2026	185,022		185,022
Stockholders' equity beginning balance at Dec. 31, 2025	$ 1,009,565	$ 405	$ 0	730,555	11,457	267,148
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		79		191,756
Treasury stock acquired			(8,665)
Other comprehensive (loss) income, net of tax	(17,583)				(17,583)
Net income	49,731					49,731
Stockholders' equity ending balance at Mar. 31, 2026	$ 1,224,883	$ 484	$ (8,665)	$ 922,311	$ (6,126)	$ 316,879

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Trading, and Equity Securities, FV-NI

The following tables set forth the amortized cost and the fair value by investment category at March 31, 2026 and December 31, 2025:


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities	$	160,144	$	178	$	(774)	$	—	$	159,548
Non U.S government securities	2,696		—		(25)		—		2,671
Corporate securities and miscellaneous	807,859		8,007		(8,881)		(6,500)		800,485
Municipal securities	96,647		1,150		(2,168)		—		95,629
Residential mortgage-backed securities	475,069		6,260		(10,154)		—		471,175
Commercial mortgage-backed securities	79,618		669		(615)		—		79,672
Other asset-backed securities	586,179		3,239		(3,491)		—		585,927
Total fixed maturity securities, available-for-sale	$	2,208,212	$	19,503	$	(26,108)	$	(6,500)	$	2,195,107
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	30,395	$	4,196	$	—	$	(301)	$	34,290
Total fixed maturity securities, held-to-maturity	$	30,395	$	4,196	$	—	$	(301)	$	34,290


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,190	$	292	$	(14)	$	—	$	44,468
Corporate securities and miscellaneous	632,244		14,223		(3,080)		(7,000)		636,387
Municipal securities	102,691		1,725		(2,300)		—		102,116
Residential mortgage-backed securities	487,145		8,928		(9,486)		—		486,587
Commercial mortgage-backed securities	72,631		1,016		(597)		—		73,050
Other asset-backed securities	509,854		5,194		(1,353)		—		513,695
Total fixed maturity securities, available-for-sale	$	1,848,755	$	31,378	$	(16,830)	$	(7,000)	$	1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	33,290	$	829	$	(48)	$	(468)	$	33,603
Total fixed maturity securities, held-to-maturity	$	33,290	$	829	$	(48)	$	(468)	$	33,603

Schedule of Investments Classified by Contractual Maturity Date

The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at March 31, 2026:



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	56,515	$	54,611
Due after one year through five years	636,682		630,559
Due after five years through ten years	304,483		305,672
Due after ten years	69,666		67,491
Mortgage-backed securities	554,687		550,847
Other asset-backed securities	586,179		585,927
Total	$	2,208,212	$	2,195,107

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities	$	91,541	$	(769)	$	707	$	(5)	$	92,248	$	(774)
Non-U.S. government securities	2,671		(25)		—		—		2,671		(25)
Corporate securities and miscellaneous	341,776		(4,883)		57,293		(3,998)		399,069		(8,881)
Municipal securities	23,170		(296)		19,570		(1,872)		42,740		(2,168)
Residential mortgage-backed securities	130,908		(1,017)		69,744		(9,137)		200,652		(10,154)
Commercial mortgage-backed securities	11,391		(21)		8,276		(594)		19,667		(615)
Other asset-backed securities	328,244		(2,584)		7,783		(907)		336,027		(3,491)




Total	$	929,701	$	(9,595)	$	163,373	$	(16,513)	$	1,093,074	$	(26,108)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	349	$	(1)	$	1,565	$	(13)	$	1,914	$	(14)
Corporate securities and miscellaneous	67,644		(346)		63,575		(2,734)		131,219		(3,080)
Municipal securities	19,157		(400)		22,004		(1,900)		41,161		(2,300)
Residential mortgage-backed securities	56,147		(262)		74,075		(9,224)		130,222		(9,486)
Commercial mortgage-backed securities	4,646		(3)		8,363		(594)		13,009		(597)
Other asset-backed securities	85,098		(424)		16,081		(929)		101,179		(1,353)
Total fixed maturity securities, available-for-sale	233,041		(1,436)		185,663		(15,394)		418,704		(16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	1,912		(48)		—		—		1,912		(48)
Total fixed maturity securities, held-to-maturity:	1,912		(48)		—		—		1,912		(48)
Total	$	234,953	$	(1,484)	$	185,663	$	(15,394)	$	420,616	$	(16,878)

Schedule of Available-for-Sale, Changes in Allowance for Credit Loss

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the three months ended March 31, 2026 and 2025:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025	$	7,000	$	468


Recoveries of amounts previously written off	(500)		(167)
Balance at March 31, 2026	$	6,500	$	301


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	243
Current period provision for credit losses	7


Balance at March 31, 2025	$	250

Schedule of Held-to-Maturity, Changes in Allowance for Credit Loss

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the three months ended March 31, 2026 and 2025:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025	$	7,000	$	468


Recoveries of amounts previously written off	(500)		(167)
Balance at March 31, 2026	$	6,500	$	301


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	243
Current period provision for credit losses	7


Balance at March 31, 2025	$	250

Schedule of Gain (Loss) on Securities

The following table sets forth the components of net investment gains for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Gross realized gains
Fixed maturity securities, available-for-sale	$	1,632	$	453
Equity securities	—		1,745
Other	175		4
Total	1,807		2,202
Gross realized losses
Fixed maturity securities, available-for-sale	(258)		(120)
Equity securities	—		(678)
Other	(139)		(61)
Total	(397)		(859)
Net unrealized gains (losses) on investments
Equity securities	(33)		1,080
Mortgage loans	99		(66)
Other	1,709		4,393
Net investment gains	$	3,185	$	6,750

Schedule of Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Fixed maturity securities, available-for-sale	$	84,032	$	8,195
Equity securities	—		8,748

The following table sets forth the components of net investment income for the three months ended March 31, 2026 and 2025:



($ in thousands)	2026		2025
Income (loss):
Fixed maturity securities, available-for-sale	$	29,411	$	17,288
Fixed maturity securities, held-to-maturity	(1,077)		822
Equity securities	18		617
Equity method investments	(1,297)		(1,988)
Mortgage loans	(665)		661
Indirect loans	(1,793)		(741)
Short-term investments and cash	3,474		3,192
Other	686		1,061
Total investment income	28,757		20,912
Investment expenses	(1,702)		(1,490)
Net investment income	$	27,055	$	19,422

The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)		2026		2025
Commercial		$	(824)	$	108
Retail		—		304
Hospitality		159		249




		$	(665)	$	661

Schedule of Accumulated Other Comprehensive Income (Loss)



($ in thousands)	2026		2025
Fixed maturity securities	$	(21,154)	$	15,284
Deferred income taxes	3,571		(3,211)
Total	$	(17,583)	$	12,073

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at March 31, 2026 and 2025:


($ in thousands)	Accident and Health		Credit & Surety		Energy Solutions		Apollo		Other		Total
Goodwill
Gross balance at December 31, 2025	$	91,577	$	6,781	$	10,204	$	—	$	3,879	$	112,441
Accumulated impairment at December 31, 2025	(44,821)		—		—		—		(1,886)		(46,707)
Additions	—		—		—		125,408		—		125,408


Net balance at March 31, 2026	$	46,756	$	6,781	$	10,204	$	125,408	$	1,993	$	191,142


($ in thousands)	Accident and Health		Credit & Surety		Energy Solutions		Other		Total
Goodwill
Gross balance at December 31, 2024	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2024	(44,821)		—		—		(1,886)		(46,707)



Net balance at March 31, 2025	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734

Schedule of Intangible Assets and Goodwill

The following tables set forth the carrying amount and changes in the balance of other intangible assets at March 31, 2026 and 2025:


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Syndicate Capacity		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2025	$	26,491	$	1,117	$	999	$	—	$	14,019	$	42,626
Accumulated amortization at December 31, 2025	(19,203)		(1,117)		—		—		—		(20,320)
Additions	27,000		—		35,000		200,000		—		262,000


Amortization	(1,257)		—		(875)		—		—		(2,132)
Net balance at March 31, 2026	$	33,031	$	—	$	35,124	$	200,000	$	14,019	$	282,174


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2024	$	24,491	$	1,117	$	999	$	14,019	$	40,626
Accumulated amortization at December 31, 2024	(17,895)		(1,117)		—		—		(19,012)



Amortization	(259)		—		—		—		(259)
Net balance at March 31, 2025	$	6,337	$	—	$	999	$	14,019	$	21,355

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table sets forth the estimated future net amortization expense of intangible assets:


($ in thousands)
	Amount
Remainder of 2026	$	6,394
Year Ending December 31, 2027	8,525
Year Ending December 31, 2028	8,525
Year Ending December 31, 2029	8,233
Year Ending December 31, 2030	8,025

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details